Karr Ingham Q & A
We’re going to be joined in studio by Karr Ingham, who is the CEO of the Texas Alliance of energy producers and Nicole, uh, an economist petroleum economist
About Our Guests: Karr Ingham:
Karr Ingham is a professional economist who lives and works in Amarillo, Texas. He is the owner of Ingham Economic Reporting, an economic analysis and research firm that specializes in the indexing and tracking of regional and metro area economies.
Karr Ingham has a career history in agriculture broadcasting, public affairs and politics. He served as District Director and Legislative Aide to then U.S. Congressman Beau Boulter, and was the Congressman’s principal liaison to the Panhandle and West Texas agriculture community. He also performed agriculture budget policy analysis for the Congressman, then a member of the House Budget Committee.
Questing & Answer with Karr Ingham:
Karr Ingham Q & A
Question:
You noted earlier that Texas is obviously heavy in oil and gas production and it’s a little bit tough to miss the fact that we’re in the midst of an election cycle. Several of the democratic candidates have indicated that they will attempt to ban fracking as a method of oil and gas recovery. If that were to come to fruition, if we had the right mix in the presidency house and Senate to where that came to fruition, how would that, in your estimation, impact Texas oil and gas production and then subsequently what would the economic impact be to the state?
Karr Ingham Answer:
Number one is what you said, if they manage to get this done and, I’m not quite sure how they do, but should they actually manage to get this done oil and gas is a sizeable part of the Texas economy. The oil and gas picture is a massive share of the national picture in terms of oil and gas. We presently produce about 42% of all the nations crude oil right here in Texas. And so should they manage to cut into oil and gas production in Texas significantly? We’re going to lose, you’re putting , literally, probably millions of jobs at risk if you just add up all the oil and gas jobs in Texas. For which there’s not a place under a, let’s say a green new deal or a fracking band kind of scenario. Just directly speaking, that’s about a million jobs probably. But then you have to spend that out because all of those do business with other businesses and those employees spend their paychecks in Texas. And so you’re talking about, again, putting in risk millions of jobs and really cutting into a driving engine of the state’s economy. Nevermind the fact that the industry directly pay somewhere between typically 20 and 25% of all taxes collected by the state of Texas directly pays. Yeah. I’m not even talking about ad valorem taxes at the state, or pardon me, at the, at the local school district level and County level and municipal level, uh, where taxes are paid on oil and gas reserves and production regions. And if you want to see people start squawking, start taking tax money away from school districts.
For more of the Karr Ingham Q & A listen to the full In the Oil Patch Radio Show above!
