Chairman Craddick Highlights Growing Energy Revenues for Tax AssociationSeptember 28, 2018
AUSTIN – Railroad Commission Chairman Christi Craddick today addressed the current and future outlook of the Texas energy industry and its economic impact to the state at the Texas Taxpayers and Research Association (TTARA) annual meeting in Austin.
“The energy industry supports nearly one-third of our state’s economy, generating approximately $30 million a day. This revenue is critical in helping fund important services for Texans, such as public schools, public safety, and roads,” Craddick said. “Thanks to Texas’ incredible energy growth over the last year, the Rainy Day Fund is forecast to hold a balance of $11.9 billion by end of fiscal 2019, the largest ending balance in the fund’s history.
“The industry’s ability to innovate has made Texas the most profitable region in the world for energy development,” Craddick said. “And, the Railroad Commission’s pro-business regulatory structure drives companies to choose to do business in our state creating jobs, creating prosperity and ensuring Texas remains at the forefront of global oil and gas production for the foreseeable future.”
TTARA is a non-profit organization of businesses and individuals from a range of economic sectors and activities in Texas who are interested in state and local fiscal policies, and the way those policies impact the state’s economy.
Christi Craddick was elected statewide by the people of Texas in November 2012 to serve a six-year term as Texas Railroad Commissioner. A native of Midland, Christi is an attorney specializing in oil and gas, water, tax issues, electric deregulation and environmental policy.
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/.