Benefits of Oil & Natural Gas
The oil and natural gas industry in Texas benefits every Texan, whether you live near the oil patch or not. The industry plays a central role in meeting the growing needs and demands of modern life. And investments in innovation and technology will continue to be the industry’s driving force for progress.
The industry provides clean, affordable and reliable energy that powers our lives. Americans are breathing the cleanest air in decades because of natural gas. This industry anchors our economy by paying billions each year in state and local taxes and state royalties that fund our schools, universities, roads, first responders and essential services, and supporting high-paying jobs – statistics unmatched by other industries in Texas. Because of Texas oil and natural gas, products made from petroleum make up 96% of the everyday essentials we use and rely on for modern life.
In FY 2022, the Texas oil and natural gas industry paid $24.7 billion in state and local taxes and state royalties, funds that directly support Texas schools, teachers, roads, infrastructure, and essential services.
This is the equivalent of $67 million each day. The total from 2007 – 2022 is over $203.4 billion.
The Texas oil and natural gas industry is producing energy in cleaner and more efficient ways, safeguarding our climate while producing the energy and products required by a modern economy. Investments in innovation and technology allow the industry to deploy cleaner energy technologies. These investments are the bedrock of the industry’s commitment to advancing climate progress.
Today’s oil and natural gas industry is delivering the energy that powers modern life with a lower environmental impact
Pipelines are the main method of transportation for oil, natural gas and fuel in Texas. They are also the safest method of transportation, delivering product without incident over 99.99% of the time. Pipelines help provide affordable and reliable energy to families, schools and businesses across the state while supporting thousands of jobs in Texas.
Energy infrastructure like pipelines are the safest and cleanest way to provide the energy that powers modern life.
Oil and natural gas production, pipelines and refineries all work together to make our nation prosperous and secure. Because of the industry’s activity in Texas, our state, nation and world are safer and more secure. We must not sacrifice energy security for energy dependence. Life is better because of oil and natural gas, and America and the world are safer because of oil and natural gas.
Texas oil and natural gas makes america energy independent, ensuring the u.S. And the world are safer and more secure.
The Texas oil and natural gas industry is the backbone of our state’s economy. Industry activity contributes tremendously to our state’s economic wellbeing, paying billions of dollars in taxes and royalties and hundreds of billions in payroll, supporting education, transportation, healthcare and infrastructure. The ripple effect of industry’s economic activity, when both direct and indirect impacts are calculated, amounts to over 30% of our state’s economy.
Billions of dollars are paid each year by the Texas oil and natural gas industry to fund schools, build roads, and support our communities.
Fueling The Future
Through collaborative partnerships with schools and billions in education, Texas oil and natural gas companies support high-quality, innovative, hands-on educational opportunities, ensuring that more Texans will have the opportunity to work in an industry that is growing our economy, securing our future, and making life better for people here in Texas and across the world.
The Texas Oil and natural gas industry is fueling the future through investments in education and workforce development.
Making Modern Life Possible
Oil and natural gas are essential and irreplaceable. Nearly every in-demand product we need for modern life – 96% of our everyday essentials, to be exact – is derived from petroleum. Products and services that power our economy and keep life moving – electronics, medicine and medical devices, clothing and building supplies, just to name a few – are all made possible because of oil and natural gas.