Permian-Fueled Revenue Lifts Texas Oil, Natural Gas Royalties Near $14B
Lifted by revenue pulled from the Permian Basin in West Texas, the state’s oil and natural gas industry paid $13.9 billion in taxes and royalties in fiscal 2020, or around $38 million/day, according to a top industry group.
Data compiled by the Texas Oil & Gas Association (TXOGA) indicated state energy industry taxes and royalties provided direct support to Texas independent school districts (ISD), as well as teachers, roads, infrastructure and essential services.
“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 President Todd Staples. “The ongoing recovery of the oil and natural gas industry is essential to the state’s continuing economic improvement.”
January 14, 2021
In 2020, the COVID-19 pandemic taught the world another lesson about the unpredictability of life. Each country responded to the challenges posed by the pandemic in its own way. The German Government in its familiar technocratic and sober approach quickly unlocked massive financial resources to mitigate any immediate economic damage. It supported a further relaxation of the purse strings at EU level and put legislative acts in place that helped manage the uncertainty in the most affected industries for now. Hit by a second wave of the pandemic in an unexpectedly hard way, Germany is now left wondering whether the country really was smart in the spring or just lucky. The new year 2021 will provide the answer to this question.
AGN Media Editorial Board
It turns out the coronavirus-sized hole in the Texas state budget isn’t as large as was feared, but legislators still have a significant challenge before them in this year’s session that began Tuesday.
Original projections suggested the state could be facing a $4.6 billion budget shortfall, but Comptroller Glenn Hegar said Monday the number is closer to $950 million. It’s still a big hill to climb, just not as steep as it could have been. It’s important to point out the final number could be smaller due to cost-saving measures implemented last summer in anticipation of the coming shortfall. It’s not exactly uncharted territory, either. The legislature faced a $4.3 billion deficit in 2011.