Oil and Gas Regulatory Chairman Highlights Industry’s Tax Contributions to the State of TexasJuly 05, 2022
AUSTIN – Railroad Commission of Texas Chairman Wayne Christian applauds the Texas oil and gas industry following the Texas Comptroller of Public Accounts’ announcement of record-breaking tax revenues from the industry.
“Despite President Biden’s delusional desire to transition away from fossil fuels, Comptroller Hegar’s announcement reinforces the fact that oil and gas literally fuels every facet of our lives from energy to food and beyond,” said Railroad Commission Chairman Wayne Christian. “In addition to paying record-breaking tax revenue which funds our schools, roads, first responders and more, Texas’ oil and gas industry is our economy’s lifeblood supporting roughly one-third of our state’s economy and paying an average salary of $130,000. Oil and gas production is also so much more than simply fueling our energy use and funding our government, it produces about 96% of everyday consumer items including electricity, gasoline, plastics, medicine and countless others.”
The Comptroller recently announced the oil and gas industry paid record-breaking taxes to the state. In June, the oil production tax generated $679 million – up 87% from June 2021 and the highest monthly collection on record. For the same month, the natural gas production tax generated $439 million – up 176% from June 2021 and the highest monthly collection on record.
About the Railroad Commission:
Our mission is to serve Texas by our stewardship of natural resources and the environment, our concern for personal and community safety, and our support of enhanced development and economic vitality for the benefit of Texans. The Commission has a long and proud history of service to both Texas and to the nation, including almost 100 years regulating the oil and gas industry. The Commission also has jurisdiction over alternative fuels safety, natural gas utilities, surface mining and intrastate pipelines. Established in 1891, the Railroad Commission of Texas is the oldest regulatory agency in the state. To learn more, please visit http://www.rrc.texas.gov/about-us/.