Recently, the Texas Oil & Gas Association (TXOGA) has released some data showing that “the Texas oil and natural gas industry paid $13.8 billion in state and local taxes and state royalties in fiscal year 2015.” The data indicates that the state government received $4.826 billion from property taxes as well as $2.879 billion from production taxes.
According to President of TXOGA Todd Staples, “in spite of global economic challenges, all Texans continue to benefit from tax and royalty revenue paid by the oil and gas natural gas industry . . . the oil and natural gas industry contributes more than a half billion dollars annually to the state’s Permanent School Fund.”
In late December 2015, the grassroots organization North Texans for Natural Gas stated in a report that for the fiscal year 2015, the Permanent School Fund was worth $34.5 billion, of which $676 million were the result of oil and gas revenue that was collected in 2014.
Interestingly, Todd Staples added “Texas petrochemical manufacturers are creating jobs and expanding thanks to the low price of natural gas – the raw material used to make products like plastics and chemicals.”
Written by Chloe Marie - Research Fellow