Utah's oil and gas industry is a critical piece of the economic and social fabric of the State of Utah. From quality employment, economic development, tax revenues to federal, state and local governments, and royalty revenue to Utah citizens and its Permanent School Trust Fund, Utah's petroleum industry is integral to the quality of life we live in our beautiful State. Oil and gas and their related products touch every aspect of our modern lives. We fuel your vehicles, heat your homes and provide the petrochemical building blocks that go into your clothes, cell phone, computer, recreational equipment and thousands of other every day items we all use and depend upon. We do this while respecting and protecting Utah's environment and beautiful landscapes through continued investment in people and technologies that allow us to work cleaner and to tread more lightly on the land.
Petroleum related products, in all their many and varied forms, significantly contribute to the quality of life of every single person. Not only do they heat our homes, cook our food and move our cars, they also form the building blocks of thousands of consumer goods that make our lives better. From pharmaceutical equipment, clothing, recreational items, plastics, rubber products and thousands more, petrochemicals help form the basis of a modern, comfortable life.
The industry surrounding finding, producing, moving and manufacturing these products also provides tremendous economic benefits to our national and local economies. Jobs in these fields provide good-paying, family-sustaining lifestyles. Tax revenues and royalties from the oil and gas industry fund local services and provide income to schools and students.
Utah has been called a "hydrocarbon treasure trove". Our state is blessed with tremendous natural resources. Coal has been a well-known, accessible and readily used resource ever since the earliest days of settling Utah. More recently, oil and natural gas have emerged as resources we've all come to use and depend upon. Utah is home to some of the largest oil and natural gas reserves in the country. These resources, located mainly in the eastern half of the State, provide Utah residents with abundant energy to power their lives. Unconventional resources, such as oil shale and oil sands, add an entirely new dimension into Utah's potential energy future. These resources contain incredible amounts of hydrocarbons that given the right technology and economics, could power both Utah and national interests for generations to come.
Utah has a long, rich history of oil and gas development. From very early on, Utah’s pioneer ancestors realized that oil and natural gas resources were prevalent across the State. Since those early days, the petroleum industry has been an integral part of the State’s development. From the earliest small discoveries to the current booming development, oil and gas exploration and development as well as petroleum refining have been a cornerstone of Utah’s economy, providing jobs and revenue to families, communities and the State.
Utah is fortunate to join only a handful of other states in having all the various sectors of the oil and gas actively operating in our State. In Utah, we actively explore for, drill for, produce, process, transport, refine, distribute and market oil and natural gas products. Each of these sectors is unique with specific benefits, strategies and concerns in this changing economic and regulatory environment. The talented people who work in each of the industry sectors are a strategic asset and benefit to the State.