Texas oil & gas industry breaks records for 2019 fiscal year

Texas oil & gas industry breaks records for 2019 fiscal year

WICHITA FALLS, Texas (TNN) - The Oil & Gas industry made history in 2019.

Economist Karr Ingham said there was more oil and gas was produced in the state than ever before. It brought in over $16 billion worth of tax revenue.

Ingham said while the industry picked up some mileage, most of the boost in production is not increasing in certain parts of the state. “Most of the expansion of oil and gas production these days isn’t necessarily coming from North Texas,” Ingham said.

There is no guarantee that the industry will have the same success again this year.

“Over the course of the year, measures of activity other than production itself are actually falling. The rig count has actually declined for most of 2019. We’re drilling fewer wells now so there’s a chance that we may not set a record in 2020,” he said.

One factor is because other sources of energy are growing in demand because of climate change.

Ingham does not want to see any sources of energy to be completely written off, “20% of all taxes collected are payed directly by the Oil & Gas industry, that’s just a huge number…That’s a discussion that we need to have but it’s one that we need to consider both sides of the coin…”

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