Oil-Producing Areas See Record Tax Revenues

June 29, 2022--Written by Paul Wiseman for Industrial Info Resources (Sugar Land, Texas)--As governments wrestle with the idea of taxing windfall profits due to high oil and prices, and as the U.S. federal government considers a holiday on gasoline taxes, governments in oil-producing states of the U.S., as well as countries abroad, are collecting record revenues from those same high prices.

Texas, whose prolific Permian Basin leads the state in producing record levels of both oil and gas, reaped $666 million in oil production taxes for the month of April, an all-time record. That number is double the figure for the same month in 2021.