Texas Insider Report: AUSTIN Texas Texas Oil & Gas Association president Todd Staples TED Talk explores the local and global impact of Texas standing as the number one oil and natural gas producing state in the number one producing nation in the world.
Staples explains that oil and natural gas make modern life possible 96 of the products we use every day are made from oil and natural gas. The industry is responsible for the sheer strength and durability of the Texas economy paying more than $14 billion in state and local taxes and state royalties in fiscal year 2018 which equates to $38 million a day for our schools roads universities and first responders. This total was up 27 percent from fiscal year 2017 (the data available when the TED Talk was recorded) and the second-highest total in Texas history.
Staples attributes this success to the strength of what he calls the Four Ps" Production Pipelines Processing and Ports. In his TED Talk Staples explains that the Four Ps have made America less dependent on other nations for our energy needs and improved lives at home and across the globe by making available clean reliable energy.
Staples concludes For the Texas oil and natural gas industry the ability to go big with no signs of backing down is securing our economy our environment and our future every single day."