The fossil fuel industry got a heck of a lifeline thrown their way.
In a recent vote, the Wyoming Oil and Gas Conservation Commission agreed to eliminate the current amount of conservation taxes on oil and gas companies for a period of 6 months, ranging from April 1st to September 30th of this year. This is the first time the tax has been completely slashed since it was first implemented in the Wyoming Conservation Act of 1959.
This is a response to the current turmoil in oil and gas markets worldwide. Because coronavirus. This complete reduction will not affect the state budget in any way, as historically all the proceeds collected from the conservation tax go directing into the Commission’s budget. The amount collected has changed over the years as the market fluctuates, but the Commission is hopeful this complete reduction will keep businesses open and people employed.
On October 1st, the tax will return to the level it was at before the crisis of the coronavirus: 5/10 of a million.
