September 15, 2020
AUSTIN – Today, U.S. Congressman Michael Burgess and Texas Comptroller Glenn Hegar headlined the Texas Oil & Gas Association’s (TXOGA) latest virtual energy summit, Powering Your Community – North Texas & East Texas. The event was the first in a new series of virtual summits TXOGA is hosting around the state over the next several weeks.
Moderated by TXOGA President Todd Staples, the summit focused on federal energy issues, the economic impact of the oil and natural gas industry and the budget state lawmakers will have to work with when they reconvene in January 2021.
“In less than a decade, the American shale revolution, anchored squarely in Texas, propelled our nation to become the global energy leader, a status I believe we will maintain despite current challenges,” said Congressman Burgess. “I have every confidence that the Texas trademarks of innovation and perseverance will lead our energy producers to improve their efficiencies, refine their techniques, and respond to the needs of consumers both here and around the world for clean, reliable energy.”
Texas Comptroller Glenn Hegar provided an update of the budget forecast and the impact of the slowdown of oil and natural gas activity on state and local treasuries. State and local taxes and state royalties paid by oil and natural gas companies directly fund public education, universities, road construction and maintenance, first responders and our state’s Rainy Day Fund.
“The oil and natural gas industry is obviously a major driver of state and local revenue in Texas,” said Hegar. “While we’ve seen tax collections from most major sectors down from a year ago, the largest declines have been in the oil- and gas-related sectors. Just as every family and business have had to tighten up their budgets, the State is doing the same, but we remain committed to doing everything we can to help all Texans stay strong during these unprecedented times.”
“Recent developments remind us that benefits associated with a thriving energy sector are not guaranteed,” said Staples. “As oil and natural gas companies navigate the challenges of the marketplace, we need to be doing all that we can to maintain the stabilizing force that Texas has become for our state and the world. We can do that by holding fast to science-based regulations and policies that encourage responsible energy production, expanded pipeline infrastructure and continued investment in innovations that have made the United States the world leader in energy production and environmental progress.”
TXOGA is hosting regional energy summits across the state over the next several weeks. The full schedule is here.
The entire Powering Your Community – Virtual Energy Summit Series is available to view online on TXOGA’s YouTube page and at http://www.txoga.org/2020-virtual-energy-summit-series/.
Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.