Despite the intentions of President Biden to kill the oil and gas industry, a new report shows Texas had not only increased production of oil but had record production.
The Texas Oil and Gas Association said it shows there are no signs indicating a waning of oil production, even though the Biden administration is out with new environmental regulations attempting to slow or shut down production.
As a result of the growth in oil production, oil and gas companies in Texas last year paid $26.3 billion in state and local taxes, which was $1.5 billion more than in 2022. The report from the Oil & Gas Association also indicated more than 480,000 workers in Texas were employed in the oil and gas industry and their average pay was $124,000 a year.
Oil and Gas Association President Todd Staples said the increased production was achieved “in spite of our federal government using every opportunity to thwart growth by delaying permits, canceling pipelines and introducing regulatory uncertainty.”
Source: Texas Tribune