In her certification of state revenue for 2012 and 2013, State Comptroller Susan Combs noted severance tax revenues on oil and gas production have increased sharply due to activity in the Eagle Ford Shale formation. That revenue stream is dedicated to the state's Rainy Day Fund and the Permanent University Fund. A portion of these revenues should also be dedicated to repairing and upgrading state and county roads that were never engineered to bear heavy truck traffic yet now serve as the transportation network for the Eagle Ford Shale play.One of the points Mr. Canales made in Austin recently is that our infrastructure now has to contend with international trade traffic and Eagle Ford Shale traffic. If the shale boom is going to last for decades, we're going to need help with roads, among other things.
Monday, October 29, 2012
Texas Severance Tax Revenue
I was just talking to Commissioner Jaime Canales about this very thing the other day.