Texas comptroller Glenn Hegar said Nov. 29 about $7.3 billion in tax revenue from the state’s oil and gas industry has been transferred to the state highway (SHF) and economic stabilization funds (ESF). Each received about $3.64 billion. “It is critical that we invest in the infrastructure needed to keep our state fiscally healthy,” Hegar said. “The ESF and SHF are critical assets for the people of Texas, and these transfers represent a tremendous opportunity to continue to invest in Texas’ future and safeguard our state against uncertainty.” The transfer amounts are based on oil and gas production tax revenues in excess of 1987 collections.
Wayne Christian, chairman of the Railroad Commission of Texas, said the transfer “is further concrete proof that the oil and gas industry is invaluable to the state of Texas… Since 2007 the Texas oil and gas industry has paid nearly $179 billion – or an average of almost $12 billion per year – to royalty owners, the state of Texas and local governments.”