Major energy producing states from Alaska to Pennsylvania are reaping a windfall from soaring oil and natural gas prices, stoked by the war in Ukraine and the U.S.-led ban on Russian oil imports
FILE - Oil rigs stand in the Loco Hills field along U.S. Highway 82 in Eddy County, near Artesia, N.M., one of the most active regions of the Permian Basin. Government budgets are booming in New Mexico. The reason behind the spending spree — oil. New Mexico is the No. 2 crude oil producer among U.S. states and the top recipient of U.S. disbursements for fossil fuel production on federal land.
The cashflow is dominated by gasoline and diesel retail taxes in every state, but energy-producing states have the deepest dependence on fossil fuel income through a gamut of taxes, royalties, lease sales and fees. Because that revenue helps pay for government services, they tend to tax residents less, said Daniel Raimi, a fellow at Resources for the Future, and co-author of the study.
At the same time, legislators balked this year at climate initiatives that might restrain petroleum production. They rejected a bill to limit climate-warming pollution in the production and distribution of transportation fuels, a step taken by West Coast states. New Mexico also shunned a state constitutional amendment for the right to clean air.
Colorado's Democratic Gov. Jared Polis is pursuing an ambitious clean-energy plan while trying to preserve $1 billion in annual oil and gas production tax revenue. To justify air pollution restrictions, Polis has cited real-time evidence of climate change, drought and fire.
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