A state Senate committee has approved a proposal to invest some
of West Virginia
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.
