ODESSA, Texas (KMID/KPEJ)- The Texas Comptroller of Public Accounts recently announced the record breaking tax revenues from the Oil and Gas industry. The tax revenue generated has played a major role in supplying the lifeline to many of the state’s everyday needs.
Wayne Christian, Chairman of the Railroad Commission of Texas, explained that the tax revenue from the industry accounts for one-third of the states economy and continues to play a major role in funding things like the state’s roads, bridges, and public schooling as well as many everyday consumer items.
The Comptroller report shows that in June, the oil production tax generated $679 million – up 87% from June of 2021 and the highest monthly collection on record. For the same month , the natural gas production tax generated $439 million – up 176% from June of 2021 and the highest monthly collection on record.
Wayne also highlighted how much of a key factor the Permian Basin producers have played in contributing to the record amount of taxes generated in the state of Texas and how the state will continue to benefit from our areas efforts.