CHARLESTON, W.Va. (WV News) — West Virginia increased natural gas and oil production 14% and 10%, respectively, from 2019-2020, according to a new report from The Gas and Oil Association of West Virginia.
Producers operating in the state have contributed $3 billion in state severance and property tax revenue since 2008, the report found.
“The natural gas and oil industry continues to be an economic cornerstone in West Virginia, and the potential for further growth is enormous,” said Charlie Burd, GO-WV executive director. “Natural gas is the state’s top-paying sector, supporting more than 82,000 jobs and contributing roughly $5.2 billion in wages each year. Clean, abundant natural gas will continue to drive economic growth and opportunities for generations of West Virginians.”
Additionally, the report notes natural gas users, including families, small businesses and manufacturers, have saved $1.1 trillion since 2008 due to shale production increases in the Appalachian Basin that have helped to lower costs across the board.
The report emphasizes the fact that the industry must continue to leverage the state’s abundance of natural resources for long-term growth and encourage its use locally to invest and create additional good-paying jobs.
“Downstream investments represent a huge economic multiplier, and it’s clear we have all the appropriate tools right here in the Mountain State to move both West Virginia and America’s energy economy forward,” Burd said.
Senior Staff Writer Charles Young can be reached at 304-626-1447 or cyoung@theet.com
