US federal energy revenue falls 10% in 2024, but still among biggest years ever
2024.11.08 14:27
(Reuters) – Federal revenue from energy production on public lands and waters fell 10% in the latest fiscal year to $16.4 billion, the U.S. Interior Department said on Friday.
WHY IT’S IMPORTANT
The total was the lowest since 2021, the first year of the administration of U.S. President Joe Biden, but was the fourth highest year since 1982.
Biden has overseen record domestic oil and gas production even as his administration has slowed new leasing on federal lands and implemented policies to transition away from fossil fuels.
President-elect Donald Trump has promised to maximize oil and gas production by loosening regulations.
BY THE NUMBERS
The U.S. disbursed $16.45 billion to federal, state, local and tribal governments from energy production in the year ended in September. That was down from $18.24 billion in fiscal 2023.
The Treasury received $6.3 billion, while $4.3 billion went to state and local governments.
New Mexico received $2.88 billion, far more than any other state. Wyoming was second with $590.9 million and Louisiana third with $163.47 million.
Revenue from production was down 62% at $1.1 billion as prices softened, while oil revenue increased a slight 4%.
In a sign of the decline in new leasing, revenue from winning bids slid 54% to $521 million.
