EORI Study Released on Leasing Ban Impacts
Wyoming’s Enhanced Oil Recovery Institute, in collaboration with WEA and the University of Wyoming’s School of Energy Resources, released a report this week on the potential impacts of a ban on oil and gas development on federal land to Wyoming.
The study reveals several impacts of the proposed ban that include:
• Greenhouse gas emissions could increase because of a federal leasing and/or drilling ban.
• Without an increase in oil and/or gas prices, US oil and gas production could decrease by 21% to 34% by 2030.
• A ban on future drilling on federal lands would prohibit development of 600 to 850 million barrels of incremental oil potential from CO2 EOR in Wyoming, that would facilitate potential geologic storage of 420 to 570 million metric tons of CO2.
• Without an increase in oil and gas prices, drilling levels in the six western states would drop by as much as 35% due to federal leasing/drilling policies.
• In Wyoming, by 2030, drilling levels decline by 28%, growing to 43% by 2050.
• In Wyoming, declines in expenditures associated with oil and gas well drilling would reach over $800 million per year by 2030.
• In Wyoming, declines in state revenues associated from oil and gas production could reach over $600 million per year by 2040.
View the full study here.
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