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The Texas oil and natural gas industry has paid more than $257.6 billion in state and local taxes and state royalties since TXOGA began compiling the data in 2007.
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.
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.
The revenue generated by the tax made funds available for development in the state without the need for income taxes and similar revenue mechanisms adopted in other states. [34] 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).
States usually calculate the tax based on the value and/or volume produced; sometimes the method differs for oil, natural gas, and condensates. [4] [5] Production from certain wells may be exempt from severance tax based on the amount of production (i.e. "stripper" wells) or the type of well (i.e. horizontal, tertiary, deep, etc). [5] As of ...
The first US state to tax fuel was Oregon, introduced on February 25, 1919. [4] It was a 1¢/gal tax. [5] In the following decade, all of the US states (48 at the time), along with the District of Columbia, introduced a gasoline tax. By 1939, many states levied an average fuel tax of 3.8¢/gal (1¢/L).
Jul. 10—AUSTIN — Statewide and county crude oil and natural gas production as reported to the Railroad Commission of Texas for April 2024 came from 163,674 oil wells and 84,739 gas wells, a ...
The state is the nation's largest energy producer, producing twice as much energy as Florida, the state with the second-highest production. It is also the national leader in wind power generation, comprising about 28% of national wind powered electrical production in 2019. Wind power surpassed nuclear power production in the state in 2014. [1]