Oil, Gas Tax Revenue To Be Over $1 Billion More Than Expected
Yesterday, officials at the Texas Department of Transportation (TxDOT) reported that tax revenue from oil and gas revenue for TxDOT will be approximately $1.1 billion more than expected this year. The increase is a result of economic growth, increased production, and increased prices, among other factors.
TxDOT is now expected to receive a full $5 billion in funding during the 2018-19 budget cycle instead of the predicted $4.7 million according to Brian Ragland, TxDOT’s chief financial officer. TxDOT expects to use the additional funding to accelerate several road projects.
Despite the many benefits of the oil and gas industry, the Environmentalist Left continues to target Texas to oppose pipelines and, more recently, oppose natural gas export terminals along the Gulf Coast. While environmentalists spread misleading claims about these projects, export terminals are crucial to the United States’ geopolitical standing and will help weaken Russian influence in Europe.