Ohio missed out on $1.2 billion plus in severance tax revenue

The responsible use of Ohio’s natural resources is crucial to the well-being of its residents and to the long-term sustainability of its economic infrastructure. Currently, Ohio is 13th among states in terms of crude oil production and 6th in terms of natural gas.

The Marcellus and Utica shale formations, which lie, in part, under the hills of eastern Ohio, are two of the most important sources of natural gas in the United States. Since the rise of hydraulic fracturing (also known as “fracking”) in 2010, more than $40 billion worth of natural gas has been extracted from Ohio’s shale deposits.

However, the astounding wealth that has been created from state resources and using state infrastructure has overwhelmingly benefited a small number of rather large pockets. The expansion of oil and gas production locks in future greenhouse gas emissions in a time when the need to mitigate our contributions to climate change is more desperate than ever.

If Ohio policymakers refuse to embrace safer energy technologies, then they should at least ensure that oil and gas extraction increases the shared prosperity of the people of Ohio rather than fueling short-term private gains.

Read more: https://ohiocapitaljournal.com/2021/11/22/ohio-missed-out-on-1-2-billion-plus-in-severance-tax-revenue/