Oil and natural gas revenue cannot be taken for granted


Schools in Texas benefit from the oil and gas industry and so do roads and first responders.   File photo

Texas is the No. 1 state in the country for oil and natural gas production, which means people are able to sustain jobs in the industry.

In addition to jobs, the oil and natural gas industry provides Texas with tax revenue to help the state run. However, in the past, Texas citizens have been forced to pay a total of $9.4 billion in taxes and state royalties because state and local tax revenue is not guaranteed through oil and gas.

In fiscal 2016, the local and state taxes for Texas’ oil and gas industry was $9.4 billion, which was approximately six times more than other businesses in the area.

Schools in the area benefit from the oil and gas industry and so do roads and first responders. For example, in 2007, the oil and natural gas industry paid over a $100 billion in state and local taxes which went to the University of Texas and Texas A&M, as well as contributing to the Texas Rainy Day Fund.

In addition to the money brought in by the oil and gas industries, 4,700 Texans are able to go back to work because of the jobs available through the industries.

To continue this uptick in jobs, former Texas Agriculture Commissioner Todd Staples says lawmakers must continue to make science-based decisions including the reauthorization of the Railroad Commission and the Texas Commission on Environmental Quality, especially programs that allow for lower taxes.

Want to get notified whenever we write about Texas Oil & Gas Association ?

Sign-up Next time we write about Texas Oil & Gas Association, we'll email you a link to the story. You may edit your settings or unsubscribe at any time.

Organizations in this Story

Texas Oil & Gas Association

More News

Metro Business Network