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About Oil and Gas The Rocky Mountain Region holds large reserves of conventional and unconventional onshore oil and gas deposits. Utah's natural gas fuels not only homes and businesses in Utah; it also is used by surrounding states.
Utah is an energy-rich state. The state has reserves of natural gas and coal, as well as the potential to generate renewable energy supplies from solar, wind, and geothermal sources.
The oil and gas industry supports millions of American jobs, provides lower energy costs for consumers, and ensures our energy security.
A new report released on Friday says that pollution from the oil and gas industry in Utah exacerbates air quality concerns, especially in Uintah and Duchesne counties, which are home to 85% of the state's oil and gas wells.
Severance Tax - Based on the price received from the sale of oil and gas. Recipients: State of Utah on Sliding Scale* ? Oil is taxed at 3% of the first $13/barrel (bo) of oil value and 5% of the value in excess of $13.01/bo.
Using data from the U.S. Energy Information Administration researchers found that out of all U.S. states with at least one million barrels, Utah has the 12th most crude oil proved reserves. Utah has 275 million barrels of crude oil proved reserves, with five operating refineries.