January 14, 2020      6:18 PM

TxOGA reports record numbers on oil and gas taxes to state and local coffers

President Staples said “Despite challenges in the global marketplace, state and local taxes and state royalties paid by the Texas oil and natural gas industry shattered records last year”

The Texas oil and gas economy pumped $44 million a day – or $16.2 billion overall – into state and local budgets in 2019, making it the largest number ever for tax and royalty payments.

That’s good news for Texas lawmakers, who carved $6 billion out of the Economic Stabilization Fund last session for multiple state priorities. Those numbers also put Texas on track to meet, or even exceed, the $9.4 billion projection for the state’s so-called Rainy Day Fund next session.

By Kimberly Reeves

Copyright January 14, 2020, Harvey Kronberg, www.quorumreport.com, All rights are reserved