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Permian Basin contributes $181.8 billion in GDP
Posted on 9/5/23 at 7:45 am
Posted on 9/5/23 at 7:45 am
quote:
The Permian Basin’s econimic impact continues to gain momentum, bringing promising news for Texas, New Mexico and the entire nation.
According to the latest report by the Permian Strategic Partnership, the Permian Basin had a record year for tax revenue collected from the oil and gas industry. These funds support tax relief, road improvements, public schools and teachers, police and fire departments, community hospitals, universities, and other essential services. The Perryman Group projected the Permian Basin to generate $325 billion in gross product and provide more than 1,200,000 jobs for the nation’s economy by 2050.
“The Permian Basin continues to be America’s economic powerhouse and further strengthens our nation’s national security, economic security and energy security,” PSP Chairman Don Evans said in a news release. “Our region is the world’s largest secure supply of energy. Texas and New Mexico must persist in their commitment to invest in and expand the region’s infrastructure, further empowering the energy industry to furnish the indispensable resources that fortify our nation’s robust economy.”
According to the Economic Impact report, the Permian is also responsible for:
$24.5 billion in taxes collected across Texas and New Mexico.
Doubling the amount of oil and gas severance and production taxes across both states compared to the previous year
$2.1 billion to Texas’ Permanent University Fund and $2.1 billion to Texas’ Permanent School Fund, more than double the previous year.
35% of New Mexico’s state budget ($5.8 billion) and more than 1/3 of the total funding for New Mexico’s schools.
About 3% of U.S. wind capacity and about 8% of U.S. total solar plant capacity. Investments in both wind and solar are growing rapidly in the Permian Basin.
quote:
With 105 billion barrels of recoverable oil and 229 trillion ft3 of recoverable natural gas, the Permian Basin helps fuel economies worldwide. By 2025, the Permian Basin will be responsible for generating 50% of U.S. oil production. Despite being home to only 1.6% of Texas’s population, the Permian Basin accounts for 8.2% of the state’s private sector GDP. Same goes for New Mexico, only 9.3% of the state’s population lives in Lea, Eddy and Chaves counties, but the Permian Basin accounts for 26.5% of the state’s GDP.
quote:
“Our fiscal success will enable us to double down on the investments we know are working and explore innovative new strategies that move the needle and move New Mexico up in the rankings,” said New Mexico Gov. Michelle Lujan Grisham, regarding New Mexico’s growing state revenues presenting an opportunity for investment in public education, healthcare, housing and public safety sectors.
“Texas is blessed to be home to the Permian Basin, the nation’s most prolific energy producing region that not only strengthens our state’s thriving economy, but helps secure America’s energy independence. The vast oilfields of the Permian Basin have helped create unprecedented levels of economic success and opportunity in Texas, keeping our state the economic engine of America. Our continued support of this critical region will ensure Texans—and Americans—have the necessary energy to power their homes, businesses, and growing local communities. I am proud of the collaborative work, spurred by the Permian Strategic Partnership, that the Permian community is undertaking to support one of the state’s most valuable treasures,” said Texas Gov. Greg Abbott.
LINK /
Posted on 9/5/23 at 7:50 am to ragincajun03
This is an absolute perfect parallel for the green energy article you posted earlier.
Posted on 9/5/23 at 8:40 am to ragincajun03
Ukraine appreciates the money.
Posted on 9/5/23 at 9:11 am to ragincajun03
Carter said we would run out of oil by 2000
Posted on 9/5/23 at 9:21 am to ragincajun03
Threads I appreciate the most:
1) Tyga Woods’ random Instagram locations
2) rds dc’s hurricane updates
3) ragincajun’s oil news, posted in real time from the toilet
1) Tyga Woods’ random Instagram locations
2) rds dc’s hurricane updates
3) ragincajun’s oil news, posted in real time from the toilet
Posted on 9/5/23 at 9:32 am to PrecedentedTimes
quote:
ragincajun’s oil news, posted in real time from the toilet
You been watching me, baw?
Posted on 9/5/23 at 9:40 am to PrecedentedTimes
quote:
posted in real time from the toilet
Didn't realize this, feel like I need to Purell my phone despite sitting at my desk for an hour now.
Posted on 9/5/23 at 9:48 am to PrecedentedTimes
quote:
Threads I appreciate the most:
1) Tyga Woods’ random Instagram locations
Posted on 9/5/23 at 9:51 am to ragincajun03
Perryman group is pay for play -- they can come up with numbers that the clients want.
The Permian is a wonderful asset but unconventional is falling way faster than conventional ever did -- the US needs to stop exporting now and save our oil and gas for us or our kids will need to learn how to carpool for the rest of their adult lives.
The Permian is a wonderful asset but unconventional is falling way faster than conventional ever did -- the US needs to stop exporting now and save our oil and gas for us or our kids will need to learn how to carpool for the rest of their adult lives.
Posted on 9/5/23 at 11:05 am to ragincajun03
If you add the federal and state revenues generated from the offshore Texas/Louisiana production on top of the monster that is permian production, its a staggering amount of revenue generated by an industry that is constantly having to fight the very people it is helping pay the bills.
Federal oil and gas leases account for the 2nd largest revenue source for the federal government, behind only federal income tax. But yah, lets do everything we can to keep them from helping lower national debt and slow inflation
Federal oil and gas leases account for the 2nd largest revenue source for the federal government, behind only federal income tax. But yah, lets do everything we can to keep them from helping lower national debt and slow inflation
Posted on 9/5/23 at 11:39 am to ragincajun03
And this administration wants to kill the industry
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