Appendix 6

Fees Collected by the State of Michigan During the Depression from the Oil and Gas Industry

The state of Michigan collected $3 million in oil and gas lease bonuses, royalties, rentals, assignment and miscellaneous fees during the Depression, besides the aforementioned taxes.

Year

Avg./Bbl.

Production (bibles)

Wellhead Value

2001 $s

1929

$1.27

4,528,000

$ 5,750,560

$ 56,982,822

1930

$1.19

3,911,000

4,654,090

48,028,006

1931

$0.65

3,789,000

2,462,850

29,021,692

1932

$0.87

6,910,000

6,011,700

81,909,413

1933

$0.67

7,942,000

5,321,140

76,694,778

1934

$0.99

10,603,000

10,496,970

143,021,216

1935

$0.97

15,776,000

15,302,720

199,163,759

1936

$1.09

11,928,000

13,001,520

164,309,064

1937

$1.18

16,678,000

19,680,040

233,482,924

1938

$1.13

18,745,000

21,181,850

256,535,739

1939

$1.02

23,462,000

23,931,240

298,114,845

1940

$1.02

19,753,000

20,148,060

249,207,210

1941

$1.14

16,359,000

18,649,260

216,828,730

Totals

 

160,384,000

$166,592,000

$2,053,300,197

 

 

Michigan Natural Gas Wellhead Prices - The Depression Years

Year

Avg./Mcf

Production (Mcf)

Wellhead Value

2001 $s

1929

$0.09

1,452,000

$ 130,680

$ 1,294,930

1930

$0.08

2,167,000

173,360

1,788,993.14

1931

$0.07

594,000

41,580

489,969.73

1932

$0.06

1,433,000

85,980

1,171,477.50

1933

$0.05

1,698,000

84,900

1,223,682.64

1934

$0.05

3,008,000

150,400

2,049,200.76

1935

$0.06

5,554,000

333,240

4,337,093.73

1936

$0.06

6,865,000

411,900

5,205,460.87

1937

$0.05

9,311,000

465,550

5,523,259.86

1938

$0.05

9,233,000

461,650

5,591,094.44

1939

$0.05

10,137,000

506,850

6,313,902.86

1940

$0.05

14,126,000

706,300

8,736,079.43

1941

$0.05

15,092,000

754,600

8,773,482.67

Totals

 

80,670,000

$4,306,990

$52,498,628