The Future Fund: It’s Time!
According to the WV Geological & Economic Survey, natural gas production doubled in West Virginia, from 265.2 billion cubic feet in 2010 to 538.7 billion cubic feet in 2012. As the chart below shows, this is the most natural gas West Virginia has ever produced.
While there are no facts about the future, it is pretty clear that the state will continue to see large increases in natural gas production over the next several years and perhaps decades. With this in mind, now is the time to make sure that we do not repeat the past and move forward by creating a West Virginia Future Fund.
By dedicating a portion of our natural gas severance taxes to a permanent endowment, future generations will benefit from the state’s rich natural resources and it can help us weather the boom and bust nature of the natural resource extraction industry. Using the interest income from the fund to invest in our people and our public structures, will mean stronger economic growth and a more broadly shared prosperity for the state.