January 11, 2021      3:51 PM
Despite pandemic, TXOGA says oil and gas had a good 2020
Industry says energy sector will rebound despite projections of $49-$50 a barrel
Texas Oil and Gas Association President Todd
Staples announced the organization’s annual energy and economic impact
report today. And despite the COVID-19 pandemic, the industry had a good year, contributing
$13.9 billion in revenue to state coffers, Staped
That’s the fourth highest amount
in 13 years.
“Even in an extremely difficult year, the Texas oil and
natural gas industry continues to contribute tremendously to state and local
tax coffers, while fortifying our energy security and leading the way in
innovation and investment that is advancing environmental progress,” said Staples.
“The ongoing recovery of the oil and natural gas industry is essential to the
state’s continuing economic improvement.”
Even as oil prices plummeted during the COVID-19 pandemic,
the need for products made from hydrocarbons skyrocketed.
By James Russell