PHOTO: Exxon Mobil
Article by Bryan Howard
February 18, 2019
Texas is thriving under the new oil production boom that is producing revenue for the state that is nearly funding the Texas schools, roads, universities and first responders by itself. Leftist Fruit Loops will not be happy when they find out from new reports released that shows oil improves society in every aspect of life.
According to the Victoria Advocate, ‘The Texas oil and natural gas industry paid more than $14 billion in state and local taxes and state royalties in fiscal year 2018, up 27 percent from fiscal year 2017, and the second-highest total in Texas history, according to a Texas Oil and Gas Association news release.”
Texas Oil and Gas Association association president Todd Staples stated, “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.”
Staples continued, “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.”
Victoria Advocate notes, “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. Property tax totals for each county and school district are available at txoga.org.”
Staples stated, “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.”
The Victoria Advocate points out that the oil and natural gas industry increased 18% in 2018, and was used to fund the Permenanent School Fund.
“State royalties paid by the oil and natural gas industry in fiscal year 2018 increased 18 percent to a total of $2 billion. That money is used to capitalize the Permanent School Fund, which benefits the public schools of Texas, and the Permanent University Fund, which benefits public higher education in Texas. Oil and natural gas royalties constitute the only substantive new money deposited annually to these, according to Staples.”
Staples noted, “What’s remarkable to me is that the Texas Permanent School Fund, seldom recognized outside of Texas, leads the pack among all educational endowments in the country. With a balance of $41.4 billion at the end of fiscal year 2017, the PSF is the largest educational endowment in the nation – bigger than Harvard University’s endowment worth $39.2 billion.”
Staples concluded, “We recognize that our state’s impressive energy achievements have sparked rapid population growth and created the need for additional funding for county roads. Considering energy production is providing vast amounts of revenue for state and local governments, specifically the Rainy Day Fund, we think it appropriate to use a portion of funds already collected for repairs and expansions on county roads in our state’s energy sectors.”
Every State needs to take notice to the success of Texas and attempt to emulate what they are doing. Texas has a zero State Tax and is highly friendly to businesses, which has created a booming economy. It is not a coincidence that the State of Texas has been ran by Republicans for years.