New report highlights importance of oil and gas to West Virginia economy

Oil and Gas West Virginia

West Virginia increased natural gas and oil production 14% and 10%, respectively. This is 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. This is from a 2008 report.

“The natural gas and oil industry continues to be an economic cornerstone in West Virginia. 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. Contributing roughly $5.2 billion in wages each year. Clean, abundant natural gas will continue to drive economic growth. Opportunities for generations of West Virginians.”

Additionally, the report notes natural gas users have saved $1.1 trillion since 2008. Users include families, small businesses, and manufacturers. This is due to shale production increases in the Appalachian Basin. It 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. This is for long-term growth and encourages its use locally to invest and create additional good-paying jobs.

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Source: WVNews

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