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Are oil and gas revenues an important source of funding for public education in some states?

Saturday, March 13, 2021
By Bakar Wilson
YES

In 2012, about 3% of the value of oil and gas produced in eight states went to public education, either via property taxes on related assets or industry-specific fees and taxes. Comprehensive data for more recent years was not available.

In 2019 in Wyoming, the industry generated $705 million for public education, against total school spending of about $1.8 billion. When prices or output fall, the impact is direct. A 2017 energy-industry downturn forced a $34.5 million education budget cut, and last year’s pandemic-related drop in demand resulted resulted in another revenue shortfall.

The potential impact of future restrictions on new oil and gas production on federal lands is unclear. The 2012 data shows that federal oil and gas leases generated $177 million for schools in the state, compared with $616 million from other oil- and gas-related sources.

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