natural resources…. montana’s path to prosperity a presentation by eric olsen presented at the...
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Natural Resources….Montana’s Path To Prosperity
A Presentation by Eric OlsenPresented at The First Annual Tea Party Convention, Friday, February 18, 2011
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Why are Natural ResourcesUndeveloped in Montana
1. Insufficient supplies of oil, gas, timber, minerals and coal?
2. Low commodity prices?3. Low Demand for Commodities?4. Poor economic conditions?5. Montana Constitution?6. Government Policies & Interference?7. Environmental regulations, MEPA?
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First day in the rest of your prosperous life in the State of Montana
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Montana Statistics
o Population at 1 million Rank 44o Labor Force @ .5 million Rank 44o Personal Income/Capita $35,000 Rank 36o GDP @ $36 billion Rank 49
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Montana Unemployment
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Oil and Natural Gas Production Tax Oil and Natural Gas Production Tax Revenue CollectionsRevenue Collections
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Insufficient supplies of oil, gas, timber, minerals coal
• Crude Oil o Reserve Potential > 1 billion barrelso Current Production at 68,000 bbls/day---50 yrso Current activity 10 rigso # Workers/Avg Pay-1400+/$65,000o Tax income to MT $100 million/yro Royalty burdens-$320 million-$48 million to MTo Total State Revenue s-Oil- $148 million
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Insufficient supplies of oil, gas, timber, minerals coal
• Natural Gaso Reserve Potential >1 trillion cubic feeto Current Production at 288 million cf/day---10 yrso Current activity 5 rigso # Workers/Avg Pay-1400+/$65,000o Tax income to MT $22 million/yro Royalty burdens-$63 million-$10 million to MTo Total State Revenues –O&G- $180 million
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Insufficient supplies of oil, gas, timber, minerals coal
• Coalo Reserve Potential >120 billion short tonso Current Production at 45 million st/yr>1000 yrso Current activity 5 major mineso # Workers/Avg Pay-1147+/$74,000o Tax income to MT $11 million/yro Royalty burdens-$---million-$--- million to MTo State Revenues –O&G&Coal- $191 million
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Insufficient supplies of oil, gas, timber, minerals coal
• Mineralso Reserve Potential > $6 billion o Current Production at $600 million/yr>10 yrso Current activity 263 mineso # Workers/Avg Pay-5200/$70,000o Tax income to MT $7 million/yro Royalty burdens-$ 1.3 million-$1 million to MTo State Revenues –O&G&Coal&Minerals- $199 million
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Insufficient supplies of oil, gas, timber, minerals coal
• Timbero Reserve Potential > 10 billion board feeto Current Production at 300 million bf/yr>30 yrso Current activity --- millso # Workers/Avg Pay-7000/$32,000o Tax income to MT $22 million/yro Royalty burdens-$ -- million-$-- million to MTo State Revenues –O&G&Coal&Minerals&Timber-
$221 million
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US Oil Consumption Sources
4.4 billion bbls/year $300 billion/year
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BHOEnergyPlan
Exxon controls approx. 2% of world oil supply
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Conclusions
o Government Rules, Regulations, Taxes, hamper oil developments
o Government & environmental policies obstruct oil exploration
o Government can create shortages but cannot create opportunity with policy.
o Enhanced resource development could add $200+ billion to MT revenues
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Hope & Change
Significant natural resource potential exists in MT in oil, gas, coal, minerals & timber
HOPE is that public awareness increases as to the benefit of hydrocarbon fuels
CHANGE will be to create a real Montana Natural Resource Plan
Improper planning makes for very poor performance
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So Please Plan Ahead
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If it weren’t for bad luck?
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