Governor Gordon Rejects Federal Funds that Would Harm Oil and Gas Industry
Governor of Wyoming sent this bulletin at 10/02/2023 03:30 PM MDT |
|
Having trouble viewing this email? View it as a Web page.
|
FOR IMMEDIATE RELEASE
October 2, 2023
CONTACT: Michael Pearlman, Communications Director
Michael.Pearlman@wyo.gov
Governor Gordon Rejects Federal Funds that Would Harm Oil and Gas Industry
CHEYENNE, Wyo. – Governor Mark Gordon is rejecting funding from the Biden Administration that is harmful to Wyoming’s economy and interests by using federal Inflation Reduction Act dollars to shut down producing Wyoming oil wells. The Emissions Reduction Program offers a total of $350 million to states under the guise of reducing methane emissions. The target is low-volume oil wells, often referred to as stripper wells. Stripper wells provide about 10% of the state’s oil production and generate about $265 million annual revenue to Wyoming. Wyoming’s share from the Biden Administration program would have been approximately $5 million.
“This approach – concocted by DC bureaucrats – shows a complete disregard for the importance of this industry to Wyoming’s economy,” Governor Gordon said. “These are wells that have, and will continue to produce, significant amounts of oil; provide jobs through hundreds of small businesses; and generate revenues for schools, the state and local government.”
Even without this funding Wyoming leads the nation in plugging abandoned and orphan wells. Since the coal bed methane boom, Wyoming has spent about $35 million plugging orphan wells so far. The orphan well program is funded by bonds provided by oil and gas operators as well as a conservation tax paid on sales of oil and gas.
-END-
