Michigan's oil and gas industry significantly contributes to the state's economy in a variety of ways:
-Providing more than 10,000 industry-related jobs.
-Paying 14,000 private mineral owners more than $80 million in royalties annually.
-Contributing nearly $1 billion in oil and gas income (royalties, rentals, lease bonuses) to the State of Michigan since 1927.
-Paying more than $40 million in severance taxes and oil and gas fees to the State of Michigan annually.
-Contributing millions of dollars in local property taxes on oil and gas wells, pipelines and surface facilities each year.
-Providing about $7 million in privilege fees to the state annually. These fees underwrite the activities of the
-Michigan Department of Environmental Quality's Office of Geological Survey, which is responsible for monitoring and enforcing industry compliance with state and federal laws.
-Producing a total value of $17.6 billion in Michigan crude oil and natural gas since 1925.
-Generating a total value of $865 million in Michigan crude oil and natural gas production annually in recent years. This, in turn, results in an additional $1.1 billion in business activity in Michigan, making oil and gas production a $2 billion industry in Michigan.
-Michigan, with the largest underground working storage capacity of any state, is a natural gas storehouse for the Northeastern United States with 600 billion cubic feet of storage capacity.
-Michigan produces about 30 percent of the natural gas the state uses.
What, how much, comes from a barrel of crude oil?