Posted September 18, 2014
Oil and Natural Gas Drilling Creates Money for Texas Schools
Associated Press: A Texas oil and gas boom fueled by hydraulic fracturing and new horizontal drilling techniques has generated a record $1.26 billion this year to support K-12 public education.
The San Antonio Express-News reports (http://bit.ly/1r2AJT0 ) that the Texas General Land Office released the fiscal 2014 figures on Wednesday. Office spokesman Jim Suydam said the boon is due to a rapid increase in drilling on state lands, including acreage on the Barnett Shale and the Eagle Ford Shale.
The money comes from the state's Permanent School Fund, now valued at more than $34 billion. The fund is generated by oil and gas royalties, lease rentals, bonuses and other sources. Only the fund's interest can be spent.
Lease income surged sevenfold in 2014 as compared to 2013, and lease bonus income jumped 86 percent over the same period.
Read more: http://bit.ly/1mj28kI
More industry news:
Natural Gas Boom Boosts Manufacturing Across the U.S.: http://fxn.ws/1wIUK5N
U.S. Oil Output Surges to Highest Since 1986 Thanks to Shale: http://bloom.bg/1r1VAXW
$3 Billion Pipeline Expansion Project Proposed for New England Region: http://bloom.bg/1BINvuz
Texas Oil Production is Continuing at Record Pace: http://bit.ly/1tnDW1v
Pennsylvania Oil and Natural Gas Jobs Outnumbered Steel Jobs Last Year: http://bit.ly/1uGXWLY
Study: East Coast States Could Cash in on Offshore Drilling: http://bit.ly/1ATeO3c
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.