In North Dakota, the economy is little bit different than the rest of the county – “While other states are forced to tackle budget shortfalls, job losses, and cuts to critical services, we are providing added tax relief, unprecedented improvements in infrastructure, the continued building of our reserves, and additional funding for education, health, human services, safety and many other quality-of-life improvements….the energy industry has long provided a major opportunity.” – North Dakota Governor Jack Dalrymple
According to the National Petroleum Council, “The natural gas and oil industry is vital to the U.S. economy, generating millions of high-paying jobs and providing tax revenues to federal, state, and local governments.”
With America’s $14 trillion national debt it is important to support industries that contributes significantly toward U.S. deficit reduction goals. The oil and natural gas industry pays the federal government approximately $86 million a day—or about $31 billion a year—in rents, royalties, bonuses, lease payments and corporate taxes.
The oil and gas industry contributed an estimated $470 billion to the U.S. economy in spending, wages and dividends—an economic stimulus that occurs every year without an act of Congress.