$500M of that revenue has gone back to states, providing support to key institutions like hospitals and public schools
Acting Secretary of the Interior David Bernhardt recently announced that
Interior Bureau of Land Management (BLM) state offices generated $1.1 B
from oil and gas lease sales in calendar year 2018, an amount nearly
equal to the BLM’s budget for Fiscal Year 2018, and the highest-grossing
year on record, nearly tripling what had been the agency’s highest year
ever in 2008, which generated approximately $408M. Bonus bids from the
28 oil and gas lease sales held in calendar year 2018 came to
$1,151,109,064 in preliminary figures released today by the BLM. Among
these, a total of 1,412 parcels, covering almost 1.5 million acres, were
leased.
...BLM New Mexico had the largest lease sale of 2018, generating
approximately $972M in bonus bids for 142 parcels. The two-day lease
sale, held in September, brought in more revenue than all BLM oil and
gas lease sales in 2017 combined and broke all previous records. A bonus
bid is a one-time payment in exchange for exclusive access to explore
for hydrocarbons on a parcel and grants an exclusive lease for a set
period of time.
Individual states also benefit from the BLM’s lease sales.
Forty-eight percent of lease sale revenue goes to the state while the
rest goes to the U.S. Treasury. The state also receives half of the
revenue from royalties if oil and gas is developed on the lease...MORE
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