Business View Magazine | Volume 8, Issue 10

53 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 10 During the COVID-19 pandemic, for example, the need for products made from oil and natural gas skyrocketed. Nearly every in-demand product we need to be safe, to save lives and to power our economy – from face shields and hand sanitizers to high-speed internet connections and computers – is made possible by oil and natural gas. Even before the pandemic, 96% of products we use every day like pharmaceuticals, electronics, cosmetics and clothing are made from oil and natural gas. There is no substitute for oil and natural gas in our lives or for our economy. As challenging as 2020 was, the Texas oil and natural gas industry paid $13.9 billion in state and local taxes and state royalties – funds that directly support Texas schools, teachers, roads, infrastructure and essential services. This total equates to about $38 million a day that are put to work for every Texan. Our state’s Economic Stabilization Fund (commonly known as the Rainy Day Fund), the Permanent School Fund (PSF), and the Permanent University Fund (PUF) are funded almost exclusively with taxes and state royalties paid by the oil and natural gas industry. Last year, the PUF received $771 million and the PSF received $942 million. The Rainy Day Fund received $1.66 billion from oil and natural gas taxes, bringing the balance to more than $10 billion. Beyond tax dollars and royalty payments, the Texas oil and natural gas industry is investing untold time, talent and treasure in Texas schools and their students and teachers through innovative education programs and productive partnerships aimed at providing a state-of-the- art education for the next generation of Texans. Girls Talk Tech (GTT), for example, is an innovative program created by a group of passionate women in ConocoPhillips Information Technology (IT). Formalized in 2018, the THE TEXAS OI L & NATURAL GAS SECTOR