The Texas oil and natural gas industry has made a historic contribution to the state’s economy, paying a record $26.3 billion in state and local taxes and state royalties in fiscal year 2023. This amount translates to an extraordinary $72 million every day, supporting essential services such as public schools, universities, roads, and first responders.
The industry’s tax contributions have surged, with state and local sales taxes rising by $1.6 billion, reflecting its ongoing investment in Texas. Since 2007, the industry has paid over $230.3 billion in state and local taxes and state royalties. The Permian Basin, particularly Reeves County, received a significant portion of this revenue.
Further Reading
https://www.txoga.org/permian-basin-texas-oil-and-natural-gas-industry-pays-history-making-26-3-billion-in-state-and-local-taxes-state-royalties/
https://www.inforney.com/texas/texas-oil-and-natural-gas-industry-paid-record-26-3-billion-in-state-and-local/article_ff1dc249-0542-5b50-99e9-a49f2c2be940.html
https://www.txoga.org/permian-eeir/
https://comptroller.texas.gov/taxes/crude-oil/