The Permian Basin’s economic impact on Texas and the nation is growing. By 2050, the region is expected to contribute up to $260 billion in gross product and more than 1,000,000 jobs to the nation’s economy, according to a new report from The Perryman Group and the Permian Strategic Partnership (PSP).
According to the new report, the Permian is also responsible for $11.8 billion in 2021 Texas tax collections, 508,800 Texas industry jobs, and $1.9 billion in 2022 mineral revenue contributions to the Texas Public University Fund. The Permian will also contribute $3.58 billion to the Texas State Highway Fund in 2023 and $3.58 billion to the Texas Rainy-Day Fund in 2023 – the highest amount ever recorded.
Don Evans, PSP chairman and former US commerce secretary during the George W Bush Administration, said: “Over the last century, the Permian Basin has been the lifeblood of our nation – providing vital resources, jobs, and economic opportunities.
“The Permian Basin is the largest secure supply of energy in the world. Texas should continue to invest in and expand the infrastructure of the region. This will enhance the ability for the energy industry to provide the energy resources necessary to keep our nation’s economy strong and country secure.”
The Permian Basin is one of the top energy-producing regions in the world, with abundant natural and renewable resources. With 94.5 billion barrels of known recoverable oil and 213.3 trillion cubic feet of known recoverable natural gas, the Permian Basin helps fuel the state and national economies. It’s home to just 1.6 percent of the Texas population but is responsible for 7.8 percent of the state’s private sector GDP.
Tracee Bentley, president and CEO of the PSP, said: “The PSP is committed to providing current data about not only the Permian Basin’s impact on the Texas economy but also on the strategic role of our region in an ever-evolving geopolitical landscape.
“Texas leaders have a historic opportunity to invest in the future of our state and country and keep energy abundant by investing in Permian Basin infrastructure.”
For more information visit permianpartnership.org