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People are fleeing California for Texas. In the coming fiscal year Texas will have a surplus of $27 billion, while California will have a deficit of $24 billion. Texas has comparatively low energy and taxes, while California has high energy costs and high taxes.
““Most of that [increase] on [oil and gas] tax is based on oil and natural gas prices, not necessarily an increase in production,” Hegar said. “While production has slightly gone up, most of that is price-induced.”
The “staggering” amount of oil and gas production taxes collected by the state will help give lawmakers a variety of spending options.
The extra funds represent an ironic benefit for Texas’ top leaders: For months, they have been blasting President Joe Biden over inflation and gas prices. Now, those trends will give them an unprecedented amount of money to spend on their priorities in 2023.
Texas loves oil. California hates it. Texas has a major surplus and California a major deficit. Now you know why.
Article – Inflation, high energy prices mean the Texas Legislature will have unprecedented funds to allocate next year
The original story can be read here.
Photo by Sharon McCutcheon
