$158 million in energy funds distributed to Colorado

Nearly $158 million has been distributed to Colorado as part of revenues collected from energy and mineral production on federal lands during the 2012 fiscal year.

A total of more than $2.1 billion was distributed to 36 states as their share of revenues collected from oil, natural gas and mineral production on federal lands within their borders or offshore tracts near their shores, the U.S. Department of Interior announced.

Colorado’s share was the fourth largest among the states.

Wyoming received the biggest share at more than $995 million, followed by New Mexico at more than $488 million and Utah at almost $165 million.

The Department of the Interior paid out $12.15 billion in revenue generated from energy production on public and offshore lands during FY 2012.

Interior Secretary Ken Salazar stated in a news release that total represents $1 billion more than last year because of increased energy production across the United States.

The larger disbursement also was attributed to bonus bids for new oil, natural gas and coal lease sales as well as administrative reforms designed to more quickly detect reporting errors and collect revenues.

“These revenues support much-needed initiatives across the nation that create American jobs and fund power and water development in the West, critical infrastructure improvements, funding for eduction and land and water conservation projects,” Salazar said.

Along with the distribution to the states, a total of more than $715 million was disbursed to 34 American Indian tribes and about 30,000 individual Indian mineral owners.

The total disbursement to tribes is almost $180 million higher than last year thanks in large part to increased oil and natural gas production in the Bakken formation in North Dakota.

More than half of total revenues from energy and mineral production on federal lands  — $6.6 billion — went to the U.S. treasury.

Included in the treasury disbursement is $1.6 billion for a reclamation fund, nearly $900 million for a land and water conservation fund and $150 million for an historic preservation fund.

 

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Posted by on Dec 19 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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