For those who consistently accuse the fossil fuels industry of being greedy and selfish, here’s a statistic for you: in fiscal year 2018, the Texas oil and natural gas industry paid over $14 billion in state and local taxes and state royalties, a staggering $38 million each day to fund schools, roads, universities and first responders.
Texas Oil and Gas Association president Todd Staples noted, “As we celebrate 100 years of oil and natural gas, we are proud to report that the Texas oil and natural gas industry has paid $133 billion in state and local taxes and state royalties just since 2007. Last year alone, the Texas oil and natural gas industry paid the equivalent of $38 million a day to fund our schools, roads, universities and first responders. More tax and royalty revenue from the oil and natural gas industry means our lawmakers have more to work with to meet the needs of our growing state.”
The Victoria Advocate reports, “In fiscal year 2018, Texas school districts received $1.24 billion in property taxes from mineral properties producing oil and natural gas, pipelines and gas utilities. Counties received $366.5 million in oil and natural gas mineral property taxes.”
Staples added, “In addition to taxes and royalties, Texas oil and natural gas companies are investing billions in advanced technologies that are protecting and improving our environment – proof that we can grow our economy, protect the environment and enhance our energy security at the same time.” – READ MORE