Monday, the North Dakota Petroleum Council and Western Dakota Energy Association shared the 2022 update of the Oil and Gas Tax Study to let us know how much tax revenue North Dakota is receiving from the oil and gas industry.
Oil extraction and production tax revenues are over $26 billion for fiscal years 2008 to 2022, with $2.8 billion this year alone.
And, in the past five fiscal years, oil extraction and production taxes made up approximately 51% of all taxes collected by the state.
Since 2008, oil and gas tax revenue has provided billions for water projects and education, as well as infrastructure across the State.
“These are the direct benefits such as the K-12 funding that are provided by the state to the local school districts, or the property tax relief that the state has done, like taking over county’s social services, paying for that. That’s all paid for by oil and gas tax,” said Brent Bogar, research consultant for the study.
Oil and gas taxes also contributed $6.9 billion to the Legacy Fund for the future of North Dakota.