(Bismarck, ND) — The 2022 Oil and Gas Tax Study is being released.
The North Dakota Petroleum Council and Western Dakota Energy Association shared the update yesterday.
The report shows oil extraction and production has created nearly three billion dollars in tax revenue this year.
Oil extraction and production taxes have made up more than half of all taxes collected by the state in the past five fiscal years.
A research consultant for the study says some of the direct benefits from the industry include K-12 funding to local districts, property tax relief, and payments for county social services.