Monday Energy Links
3. "The combined forces of high oil prices and improved drilling technology have produced a gush of unexpected tax dollars from oil and gas wells across Texas. Six months into the state's budget year, taxes paid on natural gas production are up 73% over the same period last year, while revenue from the oil production tax is up 49%.
Together, oil and gas taxes so far have brought in a total of $1.8 billion. That amounts to $684 million more than in the first half of last year, which was a blockbuster year in itself with $2.6 billion in oil and gas tax revenues. And the state's most important source of revenue — sales tax collections — has been far exceeding projections, due in part to oil and gas companies' heavy spending on equipment, supplies and services needed to drill new wells."