It’s not a secret that Texas is America’s top oil and natural gas producing state. But what that means economically isn’t that well known. Recently released data from the Texas Oil & Gas Association (TXOGA) shows that the industry paid $13.8 billion in state and local taxes and state royalties in fiscal year 2015.
That tax revenue funds schools, roads, emergency services and personnel, and other essential public services. Additionally, the industry contributes more than a half billion dollars annually to the state’s Permanent School Fund, which supports Texas K-12 public schools. The $34.5 billion fund is the second largest education endowment in the United States. Texas public school districts received $1.9 billion in oil and natural gas mineral property taxes and counties received $632 million in fiscal year 2015.
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