TX OIL & GAS REVENUES - A recent report says Texas oil and natural gas companies paid just over $14 billion dollars into state and local treasuries last year -- the second highest total in the state's history. That's according to the Texas Oil & Gas Association's Annual Energy and Economic impact report for the industry's 2018 fiscal year. Todd Staples, President of TX-OGA said Texas saw more than a 3 billion dollar increase in revenue from the industries compared to the previous fiscal year.
"14 billion dollars translates into about 38 million dollars a day that our industry contributes to state and local revenue," explained Staples.
Staples said with companies investing billions of dollars into advanced production technologies, the environment also benefits.
"CO2 emissions in the U.S. are near 20-year lows," said Staples. "Aand methane emissions from oil and natural gas systems are down 14 percent since 1990, all while production has sky rocketed."
Staples added the results come from a combination of good science and well thought out public policies.
"Texas is succeeding because of the robust science-based regulations that are protecting the environment," explaine Staples. "And stable public policies that encourage responsible production, innovation and investment."
Texas Oil & Gas Association expects this trend to continue in 2019.