U.S. Federal Energy Revenue Drops to $16.4 Billion in 2024

According to the U.S. Department of the Interior, federal revenue generated from energy production on U.S. public lands and waters decreased by 10% to $16.4 billion for the fiscal year ending in September 2024. This figure marks the lowest revenue since 2021, the first year of President Joe Biden's administration. Despite the downturn, 2024 was recorded as the fourth highest earning year since 1982.

During President Biden's tenure, new leasing activities on federal lands have slowed down, alongside policies aimed at reducing dependence on fossil fuels; however, the country has achieved record levels of domestic oil and natural gas production. In contrast, President-elect Donald Trump promised to increase oil and natural gas production by easing regulations.

The breakdown of the distributed $16.45 billion is as follows: $6.3 billion for the Treasury and $4.3 billion for state and local governments. The largest share among states went to Mexico with $2.88 billion, followed by Wyoming with $590.9 million and Louisiana with $163.47 million.

Revenue from natural gas production fell by 62% to $1.1 billion due to declining prices. In contrast, oil revenue saw a modest increase of 4%. Data also shows a decline in new leasing activities, with revenue from winning bids decreasing by 54% to $521 million.