The United States depends on our Texas refining complexes as Texas is home to 31% of the nation’s refining capacity. Texas refiners not only meet our nation’s fuel needs but also those of our trading partners around the world.
Texas oil and natural gas fuels modern life as we know it. Beyond the hundreds of thousands of jobs it creates and billions in taxes it pays, oil and natural gas improves the economic and social progress of communities here and around the world. There is no substitute for oil and natural gas for the products, fuels, and electricity that power modern life.
Texas is the #1 producer of oil and natural gas in the U.S., providing energy independence and national security. Oil and natural gas activity benefits every Texan – whether you live near the oil patch or not. The impact oil and natural gas activity has on the wellbeing of our state is incredible.
Since 2009, Texas oil and natural gas producers have paid, in addition to their production taxes, $19.8 billion to the State of Texas in royalties, about 98% of which go to the Permanent University Fund and Permanent School Fund. The value of these two behemoth funds now stand at $39.6 billion (PUF) and $55.6 billion (PSF) at the end of 2021.
The Texas Permanent School Fund is the largest educational endowment in the nation.
Nearly every in-demand product we need to be safe and to save lives – from face shields and other PPE to ventilators and hand sanitizers – is made from oil and natural gas. In fact, 96% of products we use every day like pharmaceuticals, electronics, cosmetics and clothing – even wind turbine blades and solar panels – are all made from oil and natural gas.