HOUSTON, Texas — The Lone Star State’s gas and oil industry is still humming, and its positive effects are far-reaching. The industry, which is largely fueled by fracking and other new drilling technologies, has already generated $1.26 billion for Texas public schools this year alone, setting a new record.
Texas’ Permanent School Fund is “a sovereign wealth fund” generated by royalties and rentals from the gas and oil industry, according to the the Associated Press. There is currently more than $34 billion in the fund.
Only the fund’s interest can be spent, and is distributed to school districts by the state’s education board.
Land Commissioner Jerry Patterson reportedly said in a statement, “Oil and gas have been very good for public education in Texas, but we’re really starting to see the fruits of our efforts to diversify our income stream.”
Breitbart Texas has long touted the benefits of the state’s booming gas and oil industry.
People from all walks of life have relocated to Texas from around the globe to benefit from the industry. Transplants are rapidly moving to the state to find success as oil barons, businessmen, investors, engineers, and landmen.
And the rapid growth likely won’t stop anytime soon.
While gas and oil were previously highly unpredictable, the “Shale revolution” made the industry more stable and lucrative.
“Is a gas and oil ‘bust’ coming? That’s a political question more than a natural resources question,” Josiah Neeley, a Policy Analyst at theTexas Public Policy
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