Oil and gas production taxes from areas like the Eagle Ford Shale have pumped billions into the Texas state coffers in the past two years. Natural gas producers paid $2.6 billion in state taxes during the last two-year budget cycle — up nearly 42 percent from the years before. Meanwhile, oil-production tax revenue rose nearly 80 percent to $4.4 billion.
Result? A projected state budget surplus this year of $8.8 billion!