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Since the Texas legislature created the Rainy Day Fund in 1987, it’s received more than $33.9 billion from Texas oil and natural gas production taxes. The industry is a major funder of Texas ...
Texas producers also paid $436 million in oil production taxes and $182 million in natural gas production taxes in October, according to the Texas Comptroller’s Office.
This is after in 2024, the Texas oil and natural gas industry paid a record $27.3 billion in taxes and royalties, more than the revenues of 34 states, The Center Square reported.
In 1919, tax revenue from oil production surpassed $1 million ($17.6 million in today's terms) and in 1929 it reached $6 million ($106 million in today's terms). [ 34 ] [ 95 ] By 1940, the oil and gas industry accounted for approximately half of all taxes paid in the state.
From 1995 to 2004, more than $2.75 billion was spent in Texas for film and television production. The Texas Film Commission was founded for free services to filmmakers, from location research to traveling. [43] Also many Hollywood studios are relocating parts of their production divisions to the Austin, Houston, and Dallas areas. [43]
Wyoming is the top coal producer of the 50 states in the United States, has significant oil and gas reserves, and its government and laws reflect an interest in energy production, especially fossil fuels. [104] The Wyoming Oil and Gas Conservation Commission regulates many aspects of oil, coal, and gas development in this resource-rich state. [105]
(The Center Square) – U.S. Sen. Ted Cruz, R-TX, filed a new bill to bolster U.S. energy production, led by the Texas oil and natural gas industry. Cruz on Thursday filed a bill to repeal a tax ...
Texas is the largest state producer of both crude oil and natural gas, producing 41% of national crude oil production and 25% of national natural gas in 2019. The thirty oil refineries operating in January 2019 comprised 31% of national refining capacity. [1]