New LNG export facilities will add billions to Texas economy - Nextdecade $NEXT
New LNG export facilities will add billions to Texas economy - Nextdecade $NEXT
The economy of Texas has evolved dramatically since the Second World War. While today the state has become a destination for new technology investment, its economic foundation has traditionally been in cattle, cotton and carbon fuels. Fossil fuel development in Texas continues to grow and dominates ...
Fossil fuel development in Texas continues to grow and dominates the entire United States, generating upwards of $415 billion annually toward the state’s GDP. Texas accounts for 43 per cent of U.S. crude oil production, 26 per cent of natural gas production and 31 per cent of the nation’s refining capacity. The oil and gas industry employs about 440,000 Texans directly and another one million indirectly.
Natural gas in particular has experienced exponential growth from its beginning in the late 1990s. Exports of natural gas reached 3.3 billion cubic feet in 2021, triple the volume of 2015.
The Texas government is happy to see the state’s energy sector grow. After all, the industry as a whole paid $24.7 billion in state and local taxes and state royalties in fiscal year 2022, well beyond the record $16 billion set in 2019.
Disclosure : Long $next nextdecade until phase 2 is sold out 🙂