Without our energy industry, chances are we would be just another state with a state income tax and dependence on the federal government for financing government services. During FY 2019, taxes from oil and gas accounted for the formidable sum of 16.3 billion dollars, which supports schools, roads, universities, first responders and healthcare. And, no matter in what part of the state in which you may live, these funds have a positive effect on your life, at the rate of a daily outflow of 44 million dollars.
Most Texans know that our state government had the foresight to create a "rainy day fund" to address financial shortfalls when they occur. What they might not know is that 100% of the fund comes from gas and oil plus interest from the accumulated monies.
Currently, Texans are noticing a gradual upward movement in gas prices. Some in the know say that $3.00 gas will soon be in the offing, with even higher prices to come. For the leader in the production of oil, this makes absolutely no sense at all.
As the third leading producer of natural gas in the world, Texas has an abundance of this form of energy to more than meet its own needs, and to export enormous amounts to foreign consumers as well. Again, we find that such activity contributes to state government revenues, supporting any number of state services for Texans. Less Texas natural gas in the market leads us to question what is passing for energy policy in the swamp of D.C. and for the dire consequences it infers for Texas utility bills and
rising unemployment rates.
All in all, the leftward leaning direction taken by the new administration does not paint a rosy future for our state, and those Texans who voted for the radicals controlling the new D.C. regime and in effect removed their uninformed noses to spite their unknowing faces.
