US federal energy revenues to fall 10% by 2024 but remain among the highest ever
The U.S. Interior Department reported that federal revenue from energy production in public lands and water fell 10% to $16.4 billion during the last fiscal year. Interior Department announced on Friday.
Why it's important
This was the fourth-highest year since 1982, and the lowest total since 2021.
Biden's administration has implemented policies that will help the transition from fossil fuels to renewable energy sources, while reducing new leasing of federal lands.
Donald Trump, the President-elect Donald Trump, has pledged to increase oil and gas production through a relaxation of regulations.
By the Numbers
In the fiscal year that ended September, the U.S. distributed $16.45 billion in energy revenues to federal, state and local governments, as well as tribal governments. This is down from fiscal 2023's $18.24billion.
Treasury received $6.3 Billion, while $4.3 Billion went to local and state governments.
New Mexico was the only state to receive more than $2,88 billion. Wyoming came in second place with $590.9 millions and Louisiana was third with $163.47 Million.
Natural gas revenue was down by 62% to $1.1 billion, as prices fell. Oil revenue rose a little over 4%.
The revenue from winning bids fell 54%, to $521 millions. This is a clear sign that new leasing has declined. (Reporting and Editing by Marguerita Choy)
(source: Reuters)
