The Texas Oil & Gas Association (TXOGA) recently released its Annual Energy & Economic Impact Report for fiscal year 2023. The purpose of the report is to provide an update on the industry’s global energy leadership, environmental progress and policy priorities. Among many data points highlighted in the report, one of the most significant highlighted the industry’s contributions to state a local economies.
According to the report, “The Texas oil and natural gas industry paid a record $26.3 billion in state and local taxes and state royalties in fiscal year 2023, shattering the previous high by more than $1.5 billion.” Those contributions help to fund everything from local schools to state infrastructure and improvement projects.
Many of the key points from the report, which shines a light on the economic impact of oil and gas, are summarized in this infographic from TXOGA:
During a media briefing to outline the findings of the report, TXOGA President Todd Staples commented, “Record-breaking performance of the Texas oil and natural gas industry amounts to much more than phenomenal statistical achievements. The natural resources, fuels and essential products produced here cement America’s energy security, fortify Texas’ economic strength and advance global stability at a time when our energy leadership has never been more crucial.”
