RRC Chairman: Oil, gas industry tax revenue generates billions for rainy day, state highway funds
(WO) – Texas Comptroller Glenn Hegar announced the transfer of $3.64 billion to the Economic Stabilization Fund (Rainy Day Fund) and $3.64 billion the State Highway Fund (SHF) on Nov. 30.
“The transfer $7.3 billion of oil and gas industry tax revenue is further concrete proof that the oil and gas industry is invaluable to the State of Texas. Revenue from the oil and gas industry is what’s in the Rainy Day Fund, accounts for billions to the State Highway Fund, and contributes to state funds that pay for schools, universities, and first responders,” the Railroad Commission of Texas (RRC) Chairman Wayne Christian said.
Following approval of a constitutional amendment by Texas voters in 2014, 75% of oil and natural gas production tax revenue that exceeds the amount collected in 1987 is divided evenly and transferred to the Rainy Day Fund and the SHF.
“Since 2007, the Texas oil and gas industry has paid nearly $179 billion, or an average of almost $12 billion per year, to royalty owners, the state of Texas, and local governments,” Christian added. “This is all put at risk by never-ending attacks by President Biden to kill the oil and gas industry to appease radical environmentalists and foreign governments. Repeated attempts by Democrats to hurt the Texas Energy Miracle is woke energy policy at its worst.”