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Sat February 8, 2014
W.Va. Senate Hopes to Invest Portion of Oil Tax
A state Senate committee has approved a proposal to invest some of West Virginia's oil and natural gas revenues for future infrastructure and economic development.
The Future Fund Bill would set aside 25 percent of the severance tax revenues collected from private oil and gas companies, once the fund hits $175 million. The fund would collect interest for six years before being used for economic development projects, building infrastructure and increasing teacher salaries.
Wyoming Democrat Daniel Hall says oil and natural gas revenue is increasing and expected to continue to along with gas prices and expanded natural gas drilling in the state's southern shallow wells.
If these numbers continue to increase, Hall anticipates this fund to be a significant asset.