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W.Va. Senate passes legislation to invest a portion of oil, gas revenues
Reported by: Associated Press
Friday, February 21, 2014 3:15 PM EST
The West Virginia Senate has unanimously passed a bill to conserve and invest a portion of oil and gas revenues to use for future infrastructure and economic development.
The fund would collect interest for six years before being used for economic development projects, building infrastructure and increasing teacher salaries.
Senate President Jeff Kessler said he was pleased the bill passed the Senate without any resistance or rejection. He said he hopes to see the state cash in on a growing oil and gas industry and to reserve some of its excess for future prosperity.