State and Local Governments in Texas Got From $26 Million Per Day From the Oil Industry Last Year, and That's Low

The Texas oil and gas industry gives, and it takes away.A report released this morning from the Texas Oil and Gas Association calculated the extraordinary amount of government money generated by the industry. Oil and gas pumped $9.4 billion into government budgets through taxes and royalties in 2016. That adds up to $26 million each day, according to Todd Staples, TXOGA's president.But Staples also pointed out that these numbers are lower than in past years because of the prolonged slump in oil and gas prices. The prices are up now but haven't recovered to earlier levels.A year ago, TXOGA reported that the industry paid $13.8 billion to Texas governments, the second highest number ever. This year's figure is down by 32 percent."We all know that it's been a rough few years as the price of oil and natural gas collapsed," he said. "In good times, it may be tempting to take for granted all that is possible in Texas...In difficult times, we're reminded that state and local tax revenue paid by the oil and natural gas industry is not guaranteed."Texas Comptroller Glenn Hegar announced last month that state revenue would be tighter for the upcoming two-year budget cycle. He pointed to oil and gas prices as a significant factor.  Continue reading...