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Texas Feeling the Heat in Energy Sector as Tax Revenue Dwindles

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Texas Feeling the Heat in Energy Sector as Tax Revenue Dwindles


August 22, 2023–Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)–Texas continues to lead the United States in oil and gas production trends, but recent data show little expansion, which could be adding up to job losses and a decline in tax revenue for the state.

Total U.S. crude oil production is expected to keep setting records. Trends point to an annual average next year in excess of 13 million barrels per day (BBL/d). Total production reached 13 million BBL/d only once–two months before the onset of the pandemic. Current production rates are 85% higher than the average from 10 years ago.

Companies featured: Pioneer Natural Resources (NYSE:PXD)





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