After Texas oil and gas companies paid $13.8 billion in state and local taxes and state royalties in 2015, the state likely won’t see as much money this year.
“The falling price of oil reminds us that this revenue is not guaranteed,” Texas Oil & Gas Association President Todd Staples told the Houston Public Media. “In fact, in [the] current fiscal year that we’re in now, we’re seeing significantly less money available for state and local purposes.”
Last year’s collection marked the second highest amount in the state’s history.
That revenue helped fund many of the Lone Star State’s recent investments in transportation and water infrastructure.
Last year, $1.9 billion in oil and gas property taxes went to Texas’ independent school districts in fiscal year 2015 and $632 million was remitted to county governments, according to the Houston Public Media.