The Permian Basin Petroleum Association (PBPA) released on May 29 a first-of-its-kind report developed by the Texas Taxpayers and Research Association (TTARA) entitled “Permian Basin Enriching Texas.” The report documents the outsized impact of the Permian Basin, which contributes roughly $9 billion out of $13.4 billion in statewide revenue and nearly 70 percent of statewide oil and 40 percent gas production contributed to the state of Texas.
Produced by the most prestigious statewide tax research association, the report examines the tax revenue generated by oil and gas exploration and production in the Permian Basin and makes the case for its continued value as a part of Texas’ ongoing budget needs, as well as a reminder of the opportunity this vital energy region provides to all of the Lone Star State in these challenging times.
For a downloadable copy of the report, go here: tinyurl.com/yabzrxo6
“This comprehensive report, especially in this current economic crisis, demonstrates how the Permian Basin can lead Texas out of recession like it did just a decade ago,” said PBPA President Ben Shepperd. “The Texas Miracle wasn’t a miracle at all. It was fueled by the innovation and investment like what is occurring in the Permian Basin. It was built by the men and women in West Texas who provided unprecedented prosperity for all of Texas, and it stands ready to do it again.”
As an example, one year ago, the Texas Legislature invested more than a billion dollars of taxes, collected entirely from oil and gas production, in public education all across Texas, without placing that burden on local taxpayers.
Dale Cramer, TTARA President noted, “The Permian Basin is the heart of Texas’ oil and gas industry. In recent years it has generated unmatched value to the Texas economy, benefitting all Texans across the state. Our report identifies the dollars Permian Basin producers have contributed to public coffers over the past five years. And though times today are challenging, the oil and gas dollars set aside in the Rainy Day Fund will help the state to weather the current budget challenges created by global pandemic.”
Shepperd added, “If you’re talking about the opportunity for economic recovery in Texas, you’re talking about domestic energy production in the Permian Basin.”