Comptroller Glenn Hegar today announced a $2.27 billion transfer into the State Highway and Rainy Day Funds. The following can be attributed to Todd Staples, president of the Texas Oil & Gas Association.
“Thanks to fracking, an environmentally-sound well stimulation technique, Texas oil and natural gas production has skyrocketed and our state’s Rainy Day Fund, comprised almost exclusively of oil and natural gas severance taxes, is at an all-time high. Our State Highway Fund also received more than $1.1 billion, thanks to fracking. Texas is the standard bearer in promoting policies that protect the environment while allowing the oil and natural gas sector to grow – growth that clearly benefits all Texans.”