GO-WV annual “Gas Facts” report details strong outlook for state’s energy industry
CHARLESTON, WV, June 28, 2022 – Activity is picking up in West Virginia’s natural gas and oil sector and delivering more benefits for residents across the state, according to the Gas and Oil Association of West Virginia, Inc.’s (GO-WV) annual Gas Facts report released today.
Natural gas production in West Virginia increased 6% to approximately 2.7 trillion cubic feet (tcf) in 2021, driving a 10% increase in state severance and local property taxes collected. In total, more than $319 million in tax revenue was generated directly from gas and oil operators during Fiscal Year 2021 (FY 2021).
“West Virginia’s energy abundance is cornerstone to the strength and security of our state,” Charlie Burd, Executive Director of GO-WV, said. “In addition to being a significant economic contributor, having a flexible, readily available energy source has fueled broad business and manufacturing growth that drives prosperity here at home.”
The report, which uses data compiled by West Virginia state departments of Environmental Protection (WV DEP), Tax, Treasurer’s Office, and Workforce WV, provides an annual overview of economic, employment, and consumer data pertaining to the gas and oil industry.
Gas Facts also notes contributions from natural gas and oil are leading total severance tax returns so far in the current fiscal year. Of the nearly $560 million collected as of March 2022, $358 was generated from natural gas, oil, coalbed methane and gas liquids.
America’s 5th largest energy producer, more than 82,000 direct and indirect jobs are connected to natural gas and oil in West Virginia, the report states citing PwC data, with more than $5.2 billion added in labor income.
“Our goal was to provide messages of hope for the Mountain State when GO-WV launched at the end of 2020,” Burd continued. “Through collaboration and a recognition from elected officials – in Charleston and in Washington, D.C. – on the essential nature of American energy, we’re fulfilling that goal while leading West Virginia’s energy, manufacturing, and economic revival.”
