Politics & Policy

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The plunge in U.S. crude oil prices this week reverberated across global financial markets.

$8.5 billion to highway, rainy day funds financed by Texas oil, gas industry

The two funds normally receive the same amount of money from Texas oil and natural gas industry taxes. However, because another general revenue surplus was recorded at the end of fiscal 2023 – after the industry paid record-breaking amounts in taxes – the Rainy Day Fund received $2.41 billion more because of constitutional requirements.