Texas Energy Industry Pays Record $26.3 Billion in Taxes and Royalties, Supporting Crucial Services
The Texas energy industry made a significant impact last year with a record $26.3 billion in state and local taxes and state royalties, providing vital support to public schools, universities, roads, and other essential services. State Rep. Brooks Landgraf and the Texas Oil & Gas Association highlighted the industry’s crucial role in bolstering the state’s economy and infrastructure.
Rep. Landgraf emphasized the importance of the oil and gas industry in fueling industries, homes, and the nation’s economy. He stressed the necessity of allowing oil-producing regions like the Permian Basin to flourish to secure America’s energy independence, prosperity, and constitutional freedoms.
Landgraf’s Texas STRONG bill, which passed the House overwhelmingly, aims to invest in high energy-producing regions like the Permian Basin to ensure continued growth and productivity. The bill establishes the STRONG Fund to support transportation infrastructure, workforce development, education, healthcare, and public safety in these vital regions.
TXOGA President Todd Staples echoed Landgraf’s sentiments, emphasizing Texas’ leadership in American energy production. He highlighted the industry’s significant contributions to state and local tax revenue, benefiting public schools, universities, roads, and first responders.
Staples outlined how oil and natural gas royalties support important funds like the Permanent School Fund, University Fund, Rainy Day Fund, and State Highway Fund. These funds, which totaled $26.3 billion in 2023, are crucial for sustaining Texas’ public services and economic growth.
Overall, the Texas oil and gas industry plays a pivotal role in supporting the state’s economy, infrastructure, and essential services. The record tax and royalty payments demonstrate the industry’s commitment to fueling Texas’ prosperity and energy independence for future generations.
