Ohio’s oil and gas severance tax generated $21.3 million during last fiscal year
Thursday, February 4, 2016
Ohio’s oil and gas severance tax generated $21.3 million for the 2015 fiscal year which began July 1, 2014 and ended June 30, 2015.
According to Akron Beacon Journal, natural gas production from horizontal wells picked up in eastern Ohio’s Utica shale, but fewer wells are being drilled than before commodity prices fell. Ohio’s severance tax money goes to the Ohio Department of Natural Resources’ Division of Oil and Gas Resources Management and the Division of Geological Survey.
The newspaper states that this fiscal year’s severance tax money could surpass $30 million.
Via: Akron Beacon Journal > Ohio severance tax on natural gas, oil produced windfall of $21.3 million in 2014-2015, total likely to top $30 million in 2015-2016
More about Ohio’s severance tax:
- Ohio severance tax: Lawmakers and industry groups won’t meet Oct. 1 deadline Sept. 30, 2015
- Ohio governor positive that his proposed severance tax will happen June 9, 2015
- HB 162: Natural gas severance tax proposal seeks infrastructure funding May 12, 2015
- Proposed severance tax increase removed from Ohio’s budget bill April 17, 2015
- Ohio severance tax remains an issue with industry, governor April 16, 2015
- Local Ohio leaders form coalition to fight oil and gas severance tax increase March 27, 2015
- Ohio budget: Shale gas industry may feel hit if governor’s severance tax enacted Feb. 17, 2015
- Ohio governor proposes increased fracking tax Feb. 5, 2015
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.