State budgets are sharing in the oil and gas industry's healthy profits, collecting immense and, in some cases, record revenues on production.
Tax data from energy-producing states show the same commodity market boom that's driven the energy sector's profits to new heights since the war in Ukraine began is also leaving states flush with cash.Texas, the nation's No. 1 producer of oil and natural gas, levies taxes at a fixed rate against the market value of each commodity. That means revenues increase when oil and gas prices rise, and prices have been elevated all year long.
High collections continue even as crude oil prices have fallen from the $100-plus per barrel levels sustained throughout the spring and summer. In New Mexico, which shares the high-producing Permian Basin with Texas and also earns royalties from production on federal and state lands within its borders, oil and gas revenues earned between January and April of this year rose to more than $1.7 billion.
Smaller producers are benefiting from the windfall, too. In October, Montana announced second-quarter revenues collected from the state's oil and gas production tax, which were nearly double those collected in the second quarter of 2021.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Obanor, Tyson lead No. 25 Texas Tech past Texas SouthernKevin Obanor and Jaylon Tyson each scored 13 points and No. 25 Texas Tech overpowered Texas Southern 78-54 on Thursday night.
Read more »
North Texas High School Football 2022 Bi-District Playoff HighlightsThe high school football season always seems to fly by and here we are again. The post-season has arrived and there's nothing quite like playoff time in the state of Texas.
Read more »
2022-23 Central Texas high school football highlights, scores: Bi-district playoffsThe regular season has ended and teams are looking to advance as playoffs get underway.
Read more »
High School Football Playoffs Underway in North TexasCheck out the discussion our Lassimak had with NBCDFW about this weekend's high school football action in North Texas, and read our overview for more details. txhsfb 👀 Watch: 👓 Read the story:
Read more »
PolitiFact - Technology issues in Arizona, New Jersey and Texas are not proof of a rigged electionAn Instagram post claims that the midterm elections were rigged because of technology issues with voting machines in Arizona, New Jersey and Texas. But those glitches did not stop people from casting their ballots.
Read more »