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Texas Oil Industry Paid Record $24.7 Billion in Taxes Last Year

Jan. 23, 2023, 9:37 PM

The Texas oil and natural gas industry paid a record $24.7 billion in taxes and royalties last year, far exceeding the previous annual high of $16 billion set in 2019, according to the Texas Oil and Gas Association.

The unprecedented windfall helped swell government coffers in the second-largest US state as lawmakers convene in Austin for legislative action that is only scheduled for every other year.

Texas’s tax revenues from oil and gas production exceeded $10 billion for the first time ever, Texas Oil and Gas Association President Todd Staples told reporters Monday. He emphasized how the money goes toward ...