Wyoming stands to lose $900M if feds keep minerals in the ground

[TexasTowelie]

Ending federal mineral extraction would cost Wyoming almost $900 million in annual revenues, according to a recent report from the U.S Chamber of Commerce.

The report, from the U.S. Chamber’s Institute for 21st Century Energy, examines what a complete cessation of oil, natural gas and coal development would mean for state and federal coffers, as well as the impact to the current industry workforce. However, some say the report’s stark projections are unlikely to come true.

Under the report’s scenario, Wyoming could lose 32,500 jobs and $886 million a year from mineral royalties, according to the report. In terms of the state’s GDP, the effect would be about $9 billion.

The financial impact study is a response to a growing “keep it in the ground” movement, which supports ending or phasing out mineral extraction on all federal lands and waters. Some proponents of the idea recently filed a lawsuit challenging almost 400 leases in Wyoming and neighboring states.

Read more: http://trib.com/business/energy/report-wyoming-stands-to-lose-m-if-feds-keep-minerals/article_68f4ffd9-c340-52b3-9737-12ca2895dc68.html