(WO) – Texas Comptroller Glenn Hegar announced the transfer of $3.64 billion to the Economic Stabilization Fund (Rainy Day Fund) and $3.64 billion to the State Highway Fund (SHF) on 30 november.
“The transfer of $7.3 billion in tax revenue from the oil and gas industry is further concrete proof that the oil and gas industry is invaluable to the State of Texas. Revenue from the oil and gas industry is what sits in the Rainy Day Fund, is worth billions for the State Highway Fund and contributes to state funds that pay schools, universities and first responders,” said said the chairman of the Railroad Commission of Texas (RRC). said Wayne Christian.
Following the approval of a constitutional amendment by Texas voters in 2014, 75% of tax revenue from oil and natural gas production that exceeds the amount collected in 1987 is distributed fairly and transferred to the Rainy Day Fund and SHF.
“Since 2007, the Texas oil and gas industry has paid out nearly $179 billion, an average of nearly $12 billion annually, to royalty holders, Texas state and local governments” , added Christian. “All of this is endangered by President Biden’s endless attacks to kill the oil and gas industry to appease radical environmentalists and foreign governments. Repeated attempts by Democrats to damage the Texas energy miracle are waking up energy politics to its worst.