Utah is a leading energy producer.
- Utah produces enough oil to fuel about half a million cars and to heat 200 thousand homes a day and enough natural gas to heat 3.4 million homes a day.
- 13th in the nation, Utah produced 14.6 million barrels of crude oil in 2004.
- 11th in the nation, Utah produced 268,058 MMCF of natural gas in 2004.
- Utah’s future energy resources are even greater, with 3.9 trillion cubic feet of proved natural gas reserves and 215 million barrels of crude oil.
Oil and Natural Gas are fueling Utah’s economy.
- Utah’s oil and natural gas industry is one of the state’s largest private employers, accounting for more than 6,000 jobs (direct and indirect wage earners).
- Oil and natural gas employees (direct and indirect) in Utah are earning an average of $45,000 – nearly 41 percent more than the state’s average earnings of $32,000.
- In 2004, the oil and natural gas industry paid $22.9 million in property taxes. (UT State Tax Commission, Property Tax Division, FY04)
- In 2005, the oil and natural gas industry paid $53.4 million in severance taxes. (UT State Tax Commission, FY05)
Oil and Natural Gas give back to Utah’s communities.
- Oil and natural gas production in Utah translates into $3.6 million in revenue for conservation funds. (UT State Tax Commission, FY05)
- In 2005, the oil and natural gas industry paid $59.3 million in royalties to the state – these funds are distributed to public schools. (UT School and Institutional Trust Lands Administration, 2005 Annual Report)
- In 2005, Utah received an additional $87.4 million in returned federal royalties from oil and natural gas activity in the state. In addition to providing loans and grants to state agencies, this money funds roads, schools, communities and environmental research. (US Minerals Management Service)
US DOE/EIA, Petroleum Supply Annual 2004
US Department of Energy/EIA, Natural Gas Annual 2003
US DOE/EIA, US Crude Oil, Natural Gas, and Natural Gas Liquids Reserves 2004 Annual Report