Oil and Gas Production Creates Record Tax Revenue for State of Texas

Oil and gas production

AUSTIN – Railroad Commission of Texas Chairman Wayne Christian applauds the Texas oil and gas production industry. This is following the Texas Comptroller of Public Accounts’ announcement of record-breaking tax revenues from the industry.

“Comptroller Hegar’s announcement reinforces the fact that oil and gas literally fuel every facet of our lives. This is despite President Biden’s delusional desire to transition away from fossil fuels. From energy to food and beyond”. This is what the Railroad Commission Chairman Wayne Christian said.

“Texas’ oil and gas industry is our economy’s lifeblood supporting roughly one-third of our state’s economy. This is in addition to paying record-breaking tax revenue. This tax funds our schools, roads, first responders, and more, and paying an average salary of $130,000. Oil and gas production is also so much more than simply fueling our energy use and funding our government, it produces about 96% of everyday consumer items including electricity, gasoline, plastics, medicine, and countless others.”

The Comptroller recently announced the oil and gas industry paid record-breaking taxes to the state.  In June, the oil production tax generated $679 million – up 87% from June 2021 and the highest monthly collection on record. For the same month, the natural gas production tax generated $439 million – up 176% from June 2021 and the highest monthly collection on record.

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Source: World Oil

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