(Reuters) – Federal revenues from energy production on public lands and waters fell 10% to $16.4 billion in the last fiscal year, the U.S. Interior Department said on Friday.
WHY IT’S IMPORTANT
The total was the lowest since 2021, the first year of US President Joe Biden’s administration, but was the fourth highest since 1982.
Biden has overseen record domestic oil and gas production even as his administration has slowed new leasing of federal lands and implemented policies to shift away from fossil fuels.
President-elect Donald Trump has promised to maximize oil and gas production by relaxing regulations.
BY THE NUMBERS
The U.S. paid $16.45 billion to federal, state, local and tribal governments from energy production in the year ended September. That was down from $18.24 billion in fiscal year 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.
Manufacturing revenues fell 62% to $1.1 billion as prices softened, while oil revenues rose a slight 4%.
In a sign of the decline in new leasing, revenue from winning bids fell 54% to $521 million.
