From The San Antonio Buisness Journal
Oil and gas production in the Eagle Ford Shale is driving better than expected revenue collections for the state of Texas that could lead to the biggest budget surplus in the state’s history.
If the surplus does pan out, it would come just two years after the state faced a historic deficit.
Texas Comptroller Susan Combs is reporting that Texas tax collections for the 2012 budget year that ended Aug. 31 were $3.7 billion higher than previously estimated. The production taxes for oil and natural gas came in about $1 billion higher than expected.