Oil and Gas Lease Revenues Grew by 800% in 2018
Written by Andrew-Rossi on December 29, 2017
Wyoming’s revenue from leasing land to oil and gas companies grew by more than 800 percent this year.
The Casper Star-Tribune reports the state netted about $146 million this year from leasing more than a half million acres of federal and state land.
State lands alone brought in $60 million this year – much higher than the typical revenue that stayed between $5 million and $7 million in past years.
The revenue from lease sales from the Bureau of Land Management and the auctions from the Office of State Lands added up to about $16 million last year when oil and gas activity was still in a downturn.
State officials say Wyoming’s decision to switch to an online auctioning system may have played a role in increasing revenue.