$13.9 billion in state and local taxes and state royalties paid from oil and natural gas production, pipelines, refineries and LNG facilities equals $38 million each day.
These are funds that directly support Texas schools, teachers, roads, infrastructure and essential services.
In Fiscal Year 2020, the Texas oil and natural gas industry:
- Paid $2.035 billion to Texas ISDs in property taxes from mineral properties producing oil and natural gas, pipelines, and gas utilities
- Paid $688.4 million to Texas counties in property taxes from mineral properties producing oil and natural gas, pipelines, and gas utilities
Our state’s Rainy Day Fund, Permanent School Fund and Permanent University Fund are funded almost exclusively with oil and natural gas tax and royalty revenue. In fact, in 2020, 99% of the state’s oil and natural gas royalties were deposited into these education funds, with the Permanent University Fund receiving $771 million dollars and the Permanent School Fund receiving $942 million dollars.
All this, while the oil and natural gas industry has taken the lead in developing environmental solutions. As a result:
- U.S. energy-related carbon dioxide emissions are at 25-year lows
- Methane emissions for oil and natural gas systems are down 23% since 1990
- Texas producers are capturing 99.5% of natural gas produced in Texas for beneficial use