Texas Sees Boost In Oil And Gas Tax Revenue

By Asha Glover (December 2, 2021, 5:57 PM EST) -- Texas natural gas production tax revenue totaled $291 million in November, a 282% increase compared with November 2020, the Texas comptroller said.

Comptroller Glenn Hegar said in a statement Wednesday that revenue from Texas oil production tax amounted to $480 million last month, marking a 141% increase from the previous November. Increased drilling drove higher collections from the oil and gas mining sector, the comptroller said.

According to the statement, collections from other major taxes increased significantly compared with the previous year. Hegar said that total sales tax revenue increased by nearly 20% compared with November 2020, and revenue for the...

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