For the fiscal year, which ended Aug. 31, the state collected $10.83 billion in oil and...
. Texas Comptroller Glenn Hegar said the state’s “All Funds” tax collections, which includes general revenue, were $77.21 billion, up 25.6 percent compared to the last fiscal year.
“To put it into perspective, only five times since 1988 has the rate of growth in Texas’ All Funds tax collections exceeded the prior fiscal year by double digits — and those increases ranged from 10 to 13 percent,” Hegar said. “This year’s rate of growth was almost double the previous high in that time.”
Tax revenue across the board was higher this year for Texas compared with last year. Sales tax revenue increased by nearly 20 percent, and motor vehicle sales and rental tax revenue went up more than 12 percent.Exxon Mobil and Chevron preach ‘capital discipline’ in shale while reporting multibillion dollar profits
Taxes on oil and gas production are normally a big money maker for the state, but exceeded state estimates for fiscal year 2022. The oil production tax revenue jumped 84.4 percent to $6.36 billion, compared with $3.45 billion in 2021. Natural gas production tax revenue more than doubled to $4.47 billion, up from $1.57 billion last fiscal year.
Increased oil and gas production in the state has been boosted by high oil prices. Overall this year crude oil prices and demand were recovering from the pandemic, but Moscow’s February invasion of Ukraine strained a global oil supply that already couldn’t keep up with demand. That imbalance sent crude oil prices to multi-year highs, trading as high as $120 per barrel at times.
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