February 27, 2018
A new report from the Texas Oil & Gas Association (TXOGA) urges the Trump administration to protect natural gas exports by strengthening the North American Free Trade Agreement (NAFTA) and making it permanent.
TXOGA President Todd Staples commented Tuesday morning as the report was released that increasing exports from the US to Mexico constitute a lucrative market resulting from billions of investment dollars in the Permian Basin.
“It is imperative to maintain the NAFTA provisions that enforce fair trade practices and allow our industry to remain cooperative, grow jobs and invest with certainty,” Staples added.
Staples said Texas has “a lot at stake as we continue to provide energy resources to our neighbors.”
He added that more than $11 billion in local and state taxes were paid out by the state’s oil and gas industries during fiscal 2017, about 17% more than the previous year.
“Recently released data,” Staples said, “shows that Texas produced nearly 40 percent of the nation’s crude oil when the United States crossed the 10 million-barrel per day threshold, thanks in large part to new techniques and “consistent regulations and policies.”