Energy revenue from federal lands dips $3.5 billion
States where energy operations on federal land provide a key source of revenue from royalties will see smaller checks in 2015, according to the U.S. Interior Department.
Lower oil prices for the past year have sapped what since 2011 had been a disbursements totaling tens of billions of dollars. Since peaking in June 2014 at a little over $107, the benchmark price for U.S. crude has fallen to as low as $38 in August. It ended Friday trading at$41.71, dropping $1.33 on the day. Domestic oil companies have struggled as a result, with dozens declaring bankruptcy and many severely restricting expenditures as their cash reserves run low.