The 2022 Annual Report recently released by the Texas Oil and Gas Association (TXOGA) showed that the industry paid a record-setting $24.7 billion in state and local taxes and state royalties in the fiscal year, money that will go to help fund schools and government services across the state, according to KVUE.
TXOGA President Todd Staples said the funds, which equates to approximately $67 million per day, would help fund state schools and universities, pay for state services, and contribute to the state’s rainy-day fund. In total, $1.65 billion will go to the state’s independent school districts, while county governments would receive a share of over $600 million. Thanks to the taxes paid by the gas and oil industry in 2022, the state coffers now have a surplus of over $32.7 billion.
“The Texas oil and natural gas industry plays an extraordinary role in securing our state and national economy and advancing global stability. However, growth is not guaranteed, and policy can promote prosperity, or hinder it,” Staples said on a call with reporters. “Policies and politics in Texas and across our nation will determine if we can continue to deliver for Texans while meeting our nation and the world’s energy needs.”
This legislative session, Staples is calling on lawmakers to take action on property taxes. “When you look at Texas’s competitiveness, high property taxes are a deterrent from locating in Texas and expanding. And so that’s another area that I think should be strongly considered in the debate,” Staples said.
While Staples acknowledged that this record-setting amount will be hard to achieve again, he did say that lawmakers can enact Initiative to help secure major projects.
TXOGA is proud to support not only economic growth throughout the state but help fund our schools and vital government services and functions to keep our state a great place to live, work, and raise a family.
