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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 said.

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

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