Increased Oil Production Means More Money For State
CHEYENNE, Wyo. (AP) – New revenue forecasts predict increasing oil patch activity in Wyoming will generate more tax revenue for the state’s depleted coffers.
But the bump in oil tax revenue isn’t near enough to counter the current and expected continued decline in coal and natural gas revenue.
The Wyoming Legislature meets next month to craft a new state budget while facing a huge revenue shortfall brought on by the downturn in the state’s mainstay fossil fuels industry.
Wyoming’s public K-12 education system alone faces a more than $400 million deficit over the next two years.
The new revenue forecast was presented Monday at the Legislature’s Joint Appropriations Committee in Cheyenne.
Committee co-chairman Republican Rep. Bob Nicholas, of Cheyenne, says the state still has a long way to go to cover its budget deficit.