The Texas Oil And Gas Industry – A Positive Driving Force!
February 1, 2018
Anyone who owns oil or gas rights in Texas is part of a driving force helping to power our country and the entire world. While there will always be controversial ideas surrounding the oil and gas industry, the fact remains that it provides important benefits to many, including those who own mineral rights. Because of this, oil and gas have been a part of the Texas culture for generations.
Positive Statewide Economic Impact
The oil and gas industry is an essential power in the Texas economy. Not only does mineral production pay royalties to owners of gas and oil rights, it also provides state funding through the taxes collected. These taxes, totaling nearly $14 billion each year and growing, pay for everything from schools to highways and fund emergency and other state services. As a result, those who own and sell mineral rights contribute a lot to the Texas economy.
Positive Impact on Texas Employment
In addition to being a source of essential funding throughout the state, the oil and gas industry employs a large number of Texas residents. More than 400,000 people currently work in the industry. This number continues to increase as new methods of extracting oil and gas are developed.
Employment rates are consistently higher in Texas. This is due in part to the presence of the oil and gas industry. Even at the peak of the economic recession in 2009 when the average unemployment rate across the U.S. was at 10%, the rate in Texas was just slightly over 8%.
A Reliable Source of Power
Although other energy sources such as solar and wind have a positive impact on the environment, they are not as reliable as oil and natural gas. Both oil and natural gas make it possible to provide electricity, heat and other services across the country 24-hours a day, 7 days a week, regardless of the wind or sun. For people with oil and gas rights for sale, this may even mean free energy depending on the royalties earned.
Reduced Reliance on other Nations
Oil and natural gas power the U.S. and the entire world. As such, countries that produce the most of these resources have an important international economic and political stance. Texas is the leading producer of oil in the U.S. and one of the biggest international producers, playing an essential role in keeping the U.S. relevant as a worldwide source of energy.
Resources for Other Industries
When you sell your mineral rights to energy companies producing oil and natural gas, you are fueling more than the oil and gas industry. Oil is produced as various grades of petroleum products including diesel, kerosene, motor oil, aviation fuel, propane, and petrochemicals that are used in many industries.
Petroleum byproducts are also used in the production of countless other commodities and include everything from wax and plastics to household items and building materials as well as personal care items like soap and perfume.
The oil and gas industry in Texas is an essential producer of energy products and other materials necessary for a comfortable life. Selling mineral rights not only benefits an owner financially, it helps the state and national economy. It also supports the U.S. position as a worldwide power. If you have gas or oil rights you are interested in selling, contact an experienced royalties company so you can get started right away!
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