Texas state revenue from oil and gas leases will increases as a result of oil price increasing

Energy Fix:

The revenue Texas gets from severance taxes, land rents and royalty fees on oil and gas production could come in 27 percent higher than previously expected in fiscal 2018 if crude prices stay elevated above $60 a barrel, Fitch Ratings said Thursday.

The credit ratings agency believes Texas could collect about $3.3 billion in natural resource revenue this year, up from its previous estimate of about $2.6 billion.

Fitch said rising oil prices and a surge in U.S. oil production have made Texas and other oil-producing states more economically and financially stable.
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There was a time when Texas got enough from oil and gas leases and taxes that it did not need a sales tax and the tuition at the University of Texas was $50 a semester.  That is what it was when I was an undergraduate.  By the time I got to law school that was unchanged, but there was a "building use fee" of  $100 dollars to pay for the explosive growth in the campus.  That growth was funding out of the earning son the Universities endowment which at the time was second only to Harvard's.

Texas is not back to that level, but its economy is much more diversified now and it is less dependent on revenues from oil and gas.  One of the reasons the state has so much income from oil an gas goes back to when it came into the US.  The Republic of Texas had a national debt at the time of around $1 million.  Texas offered to trade all the Republic owned lands to the US for them to assume the debt.  The US turned down that offer and much of the West Texas desert they didn't want had oil underneath it.