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Lion Oil Company is a private corporation engaged in refining and production of oil, gasoline, and oil-based products. It also manufactures asphalt, industrial solvents and roofing materials. [ 1 ] It also operates a gathering and transportation system that moves oil products in interstate commerce. [ 2 ]
Ohio oil production peaked in 1896 at 24 million barrels, but Ohio continued as the leading oil state until 1902, when that title was taken by Oklahoma. [4] The Trenton limestone produced more than 380 million barrels of oil and 2 trillion cubic feet of gas, peaking in 1896 at 23.9 million barrels of oil.
Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development. The tidelands controversy involve the limits of state ownership. Although oil and gas laws vary by state, the laws regarding ownership prior to, at, and after extraction are nearly universal.
States usually calculate the tax based on the value and/or volume produced; sometimes the method differs for oil, natural gas, and condensates. [ 4 ] [ 5 ] Production from certain wells may be exempt from severance tax based on the amount of production (i.e. "stripper" wells) or the type of well (i.e. horizontal, tertiary, deep, etc). [ 5 ]
An Ohio commission awarded bids to frack oil and gas under state parks Monday, despite statewide backlash and an ongoing investigation into possibly fraudulent support. The Ohio Oil and Gas Land ...
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Ohio’s 2024–2025 budget removed a state income tax bracket and reduced the top rate, leaving only two. Those with AGIs of 26,051 to $100,000 pay 2.75% in tax, and those who make more than ...
This office regulates oil and gas development and production; plugs abandoned and orphaned wells causing health, safety, and environmental problems; oversees the oil and gas permitting and inspection programs; develops statewide regulations and standards; and conducts training programs for industry. The Bureau of Oil and Gas Planning and ...