Christian: Oil and Gas Industry Tax Revenue Generates Billions for Rainy Day Fund and State Highway FundDecember 01, 2022
AUSTIN – Yesterday, Texas Comptroller Glenn Hegar announced the transfer of $3.64 billion to the Economic Stabilization Fund (Rainy Day Fund) and $3.64 billion the State Highway Fund (SHF).
“The transfer $7.3 billion of oil and gas industry tax revenue 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’s in the Rainy Day Fund, accounts for billions to the State Highway Fund, and contributes to state funds that pay for schools, universities, and first responders,” RRC Chairman Wayne Christian said.
Following approval of a constitutional amendment by Texas voters in 2014, 75 percent of oil and natural gas production tax revenue that exceeds the amount collected in 1987 is divided evenly and transferred to the Rainy Day Fund and the SHF.
“Since 2007, the Texas oil and gas industry has paid nearly $179 billion, or an average of almost $12 billion per year, to royalty owners, the state of Texas, and local governments. This is all put at risk by never-ending attacks by President Biden to kill the oil and gas industry to appease radical environmentalists and foreign governments. Repeated attempts by Democrats to hurt the Texas Energy Miracle is woke energy policy at its worst,” Christian continued.
A lifelong conservative businessman, Wayne Christian was elected as our 50th Texas Railroad Commissioner in November 2016. Prior to his time at the Commission, Christian served seven sessions in the Texas House of Representatives, accumulating a strong record of standing for free markets and against burdensome regulations. Christian is married to his wife, Lisa, and together they have three daughters, Liza, Lindsey and Lauren. You can learn more about Chairman Christian here .
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 https://www.rrc.texas.gov/about-us/.