Falling Oil Prices Leading to Drop in Texas Road Funding
“For the 2016 budget year, which started in September, Texas is pouring $1.1 billion in oil and gas severance taxes into the State Highway Fund. That was based on collections from the previous year.
But with oil prices plummeting, those transfers are expected to tumble to a total of $594 million in fiscal 2017 before bobbing up to $740 million the next year” said Glenn Hegar, State Comptroller.
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