U.S. Rep. Dan Crenshaw, Texas House Speaker Dennis Bonnen, R-Lake Jackson, and Greater Houston Partnership Senior Vice President Patrick Jankowski headlined the Texas Oil & Gas Association’s (TXOGA) latest virtual energy summit, Powering Your Community – Greater Houston & Southeast Texas. The event concludes the series of virtual summits TXOGA hosted around the state during the months of September and October.
Moderated by TXOGA President Todd Staples, the summit focused on national energy security, the role of the oil and natural gas industry on our state’s budget, and the industry’s economic impact in the Greater Houston and Southeast Texas region.
U.S. Rep. Crenshaw expressed pride in the national security made possible by the Texas oil and natural gas industry.
“Every American should know and be proud that our nation is stronger and more secure than ever because of the Texas oil and natural gas industry,” said Rep. Crenshaw. “What happens in Texas not only makes us less dependent on foreign nations for our energy needs but has also catapulted this nation to become the global leader in the energy space.”
Texas House Speaker Bonnen described the industry’s contributions to our state budget and the ways lawmakers utilize the billions in revenues paid by oil and natural gas companies.
“Oil and natural gas activity across the state generates billions of dollars that fund public education and transportation and ensures Texas has a multi billion dollar savings account in our Rainy Day Fund,” said Bonnen. “The impact this industry has on every Texan is profound because of the robust contributions oil and natural gas activity provides for our state’s budgetary picture.”
Greater Houston Partnership’s Senior Vice President of Research, Patrick Jankowski, provided an update on current economics in Houston and a look toward the future.
“Like other sectors of our economy, this industry faces challenges in the current economic environment and may not be out of the woods yet,” said Jankowski. “For the region, energy will continue to be important for recovery, not only economically, but because the spirit of Houston is still very much tied to the industry.”
Staples shared his perspectives on what Texas can do to accelerate economic recovery and help the state maintain its global energy standing.
“Recent developments remind us that benefits associated with a thriving energy sector are not guaranteed,” said Staples. “As oil and natural gas companies navigate the challenges of the marketplace, we need to be doing all that we can to maintain the stabilizing force that Texas has become for our state and the world. We can do that by holding fast to science-based regulations and policies that encourage responsible energy production, expanded pipeline infrastructure and continued investment in innovations that have made the United States the world leader in energy production and environmental progress.”