According to the report, Texas oil and gas producers directly contributed a record $13.4 billion to the Texas treasury through taxes and royalties, just beating the 2014 record of $13.3 billion.

Gov. Greg Abbott on Wednesday ordered Texas state agencies, public universities and other top officials to come up with ways to cut their budgets by 5% in the current biennium.

While a state lawmaker’s call for a freeze on property values could provide some semblance of relief for homeowners amid the COVID-19 economic downturn, it’s the municipalities setting the tax rates that can provide real help, an Austin economic policy group says.

As the drastic economic downturn driven by the coronavirus stresses state budgets, those with sizable gas and oil industries are dealing with the added pressure of the recent oil price crash.

The oil price crash that has hammered the US shale industry is now threatening to put the squeeze on one of America’s biggest university endowments.