Quoting an Oklahoma Minerals.com article. Every wonder how Texas and Texas A&M athletics stomps a mudhole in their peers relative to money?
In 2023, Texas' oil and natural gas industry set a historic benchmark by contributing $26.3 billion in state and local taxes and royalties, marking the highest financial input to the state's economy in history. This substantial contribution underscores the industry's critical role in bolstering Texas' economic infrastructure, including funding for public education, infrastructure development, and essential public services.
The Texas Oil & Gas Association (TXOGA) highlighted that this record-breaking contribution translates into an astounding $72 million every day, enriching Texas' public schools, universities, roads, and first responder services. This financial boon was fueled by a surge in tax revenues, including a significant increase in state and local sales taxes paid by the industry, reflecting the sector's ongoing investment and robust presence in the state. Notably, a vast majority of the state’s oil and natural gas royalties were allocated to educational funds, bolstering support for Texas public education.
In 2023, Texas' oil and natural gas industry set a historic benchmark by contributing $26.3 billion in state and local taxes and royalties, marking the highest financial input to the state's economy in history. This substantial contribution underscores the industry's critical role in bolstering Texas' economic infrastructure, including funding for public education, infrastructure development, and essential public services.
The Texas Oil & Gas Association (TXOGA) highlighted that this record-breaking contribution translates into an astounding $72 million every day, enriching Texas' public schools, universities, roads, and first responder services. This financial boon was fueled by a surge in tax revenues, including a significant increase in state and local sales taxes paid by the industry, reflecting the sector's ongoing investment and robust presence in the state. Notably, a vast majority of the state’s oil and natural gas royalties were allocated to educational funds, bolstering support for Texas public education.
