The State Of Texas Collected Huge Royalty Check Before Price Crash

The state of Texas collected at least US$13.4 billion in the form of royalties and taxes from the oil and gas industry last year, just before the oil price crash, the Houston Chronicle reported on Tuesday, citing data from the Permian Basin Petroleum Association (PBPA). According to the association’s data, the oil and gas industry in Texas paid the state a total of US$11.3 billion worth of taxes and another US$2.1 billion in royalties last year, up by 14 percent compared to 2018. Part of the 2019 tax and royalty proceeds from the oil industry…