By Todd Staples
As summer draws to a close and fall approaches, college students are headed back to campus and parents across Texas are hard at work getting children ready to return to school. Each fall, I am reminded of the incredible role that the oil and natural gas industry plays in educating the future of Texas.
To underscore this point, in 2022, 99% of Texas’ oil and natural gas royalties paid went into either the Permanent School Fund (PSF) or Permanent University Fund (PUF)—both of which directly support public education in the Lone Star State—and a whopping total of $2.1 billion was contributed to these funds.
From 2007 to 2022, the cumulative contribution from industry was an impressive $203 billion. This substantial figure underscores industry’s continued commitment to fueling Texas’ progress and well-being.
In addition, Texas independent school districts were direct recipients of $1.6 billion from property taxes levied on mineral properties engaged in the extraction of oil and natural gas, pipelines, and gas utilities.
Through this support, the PSF has ballooned to a whopping $55.6 billion, the largest educational endowment in the nation, while the PUF currently stands at a staggering $39.6 billion. These funds allow for the purchase of textbooks, the hiring of new teachers and staff, new infrastructure, transportation, and so much more.
This incredible industry is undoubtedly doing its part to support education in the Lone Star State and as well as continuing to be the trusted partner that Texans can rely on.
Todd Staples is the president of the Texas Oil and Gas Association.
