Texas oil & gas regulatory chairman lauds industry’s tax contributions to state budget
AUSTIN – Railroad Commission of Texas Chairman Wayne Christian applauds the Texas oil and gas industry following the Texas Comptroller of Public Accounts’ announcement of continuous record-breaking tax revenues from the industry.
“I hope all Texans are paying attention to the fact that it’s oil and gas — not wind and solar — that are bringing home the ‘bacon,’ providing reliability for our state’s budget, economy and electricity,” said Railroad Commission Chairman Wayne Christian. “As Texans battle the endless summer heat and sweat rising energy costs, it’s important to note that our houses could be cooler and our electric bills could be lower, if Texas were building out more reliable energy generation, like natural gas, and relying less on unreliables, like wind and solar.”
“Texas’ oil and natural gas industry continues to pay record taxes, reminding Texans why the industry is so vital to our economy,” continued Chairman Christian. “While wind and solar investments have skyrocketed thanks to taxpayer subsidies and the rise of ESG investing, oil and gas investments have seen a 90% drop-off in capital over the last 5 years leading to less build-out of fossil fuel-based electric generation. As our state welcomes 1,000 new Texas every day, we equally need to be building out—not dismantling—the reliable energy infrastructure as well.”
The Comptroller recently announced the oil and gas industry paid record-breaking taxes to the state. In July, the oil production tax generated $694 million – up 84% from July 2021 and the highest monthly collection on record. For the same month, the natural gas production tax generated $532 million – up 185% from July 2021 and the highest monthly collection on record.