Texas Oil and Gas Association (TXOGA) President Todd Staples delivered an update on the state of the Texas oil and natural gas industry today at the North Dallas Chamber of Commerce’s Annual Energy Forum. Staples discussed the role the industry plays in powering the economies of North Texas and the entire state, as well as the future role of the industry with regard to the economy and society.
“From production, to pipelines, to processing, and ports, Texas oil and natural gas has not only made America less dependent on other nations for our energy needs, but is also improving lives by making available clean, reliable energy for people at home and across the globe,” Staples said. “Continued oil and natural gas production in Texas will play an important role in creating local jobs and investment and providing billions of dollars in revenues for state and local budgets, as well as anchoring our state’s position as a global energy leader.”
“The Chamber is privileged to have partnered with Todd Staples and TXOGA to present this forum,” said Jeff Kitner, Chief Operating Officer of the North Dallas Chamber of Commerce. “Texas has a significant role in energy production in the United States and throughout the world, and we’re pleased to have played a role in the discussion on this important topic.”
Staples highlighted the many ways the industry remains a strong force in Texas by creating jobs, bolstering local and state economies, funding public education, building roads, and supporting essential and emergency services, all while strengthening the global energy market and helping enhance America’s national security interests. He also discussed the future role of the industry and the factors that will impact the industry’s ability to continue to be an important part of Texas’ strength.
“Consistent policies that will allow for continued investment in energy infrastructure, a recognition of the industry’s unmatched commitment to technology, innovation and research, and an open and fact-based conversation about all energy sources will ensure that our state and our nation can continue to lead the world in energy production, economic strength and environmental progress,” Staples continued.
Earlier this month, TXOGA announced that the industry paid over $16 billion in state and local taxes and state royalties in 2019, setting a new record for the industry. TXOGA’s report detailed how oil and natural gas tax and royalty revenue is used to support education, transportation, healthcare and infrastructure through the State Highway Fund, the Economic Stabilization Fund (commonly known as the Rainy Day Fund), the Permanent School Fund and the Permanent University Fund.