Texas state an local tax windfall from oil and gas production is $14 billion while New York struggles with deficit after blocking shale development

Fuel Fix:
The oil and natural gas industry in Texas paid more than $14 billion in state and local taxes and state royalties in fiscal year 2018, a new report shows.

A study from the Texas Oil & Gas Association show that the figures marked a 27 percent increase from fiscal year 2017.

"Last year alone, the Texas oil and natural gas industry paid the equivalent of $38 million a day to fund our schools, roads, universities and first responders," TXOGA President Todd Staples said in a statement. "More tax and royalty revenue from the oil and natural gas industry means our lawmakers have more to work with to meet the needs of our growing state."

Texas school districts received $1.24 billion in property taxes from mineral properties producing oil and natural gas, pipelines, and gas utilities.

Counties received $366.5 million in oil and natural gas mineral property taxes.

State royalties paid by the oil and natural gas industry increased 18 percent to a total of $2 billion. The money is used to capitalize the Permanent School Fund, which benefits the public schools as well as the Permanent University Fund, which supports the University of Texas and Texas A&M University systems.
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These numbers are likely to increase as new infrastructure allows greater production from the Permian Basin fields.  Meanwhile, the state of New York is struggling with a budget deficit as rich taxpayers flee the high taxes in the state which is also blocking development of shale wells and natural gas pipelines.  This has resulted in halting development of new housing because of a lack of access to these resources.  It is a prelude to how the Green New Deal will stifle development and increase deficits.

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