Commodities
Texas Oil Industry Paid Record $24.7 Billion in Taxes Last Year
- Industry group Texas Oil and Gas Association compiled data
- State’s university fund received $2.1 billion from sector
A pumpjack operates in the Permian Basin near Orla, Texas.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
The Texas oil and natural gas industry paid a record $24.7 billion in taxes and royalties last year, far exceeding the previous annual high of $16 billion set in 2019, according to the Texas Oil and Gas Association.
The unprecedented windfall helped swell government coffers in the second-largest US state as lawmakers convene in Austin for legislative action that is only scheduled for every other year.