According to a report from Texas Oil and Gas Association, 99 percent of oil and natural gas royalties paid by Texas companies last year went to the state’s permanent school fund and permanent university fund – both support public education in Texas. About $2.1 billion was contributed to the two funds – bringing the total from 2007 to $203 billion. Todd Staples, president, said, “This substantial figure underscores the industry’s continued commitment to fueling Texas’ progress and well-being.”
Also, independent school districts in Texas were direct recipients of $1.6 billion from property taxes levied on mineral properties engaged in the extraction of oil and natural gas, pipelines and gas utilities.
TXOGA said the state’s permanent school fund has grown to $55.6 billion, and the permanent university fund has increased to $39.6 billion. Staples added, “These funds allow for the purchase of textbooks, the hiring of new teachers and staff, new infrastructure, transportation and so much more.”