Asked: November 8, 20202020-11-08T20:20:23+00:00 2020-11-08T20:20:23+00:00 What determines the amount of tax revenue generated from oil and natural gas produced in Texas? cameron 142 Questions 1 Answer 1 Best Answer 0 Points View Profile cameron Hi.. What determines the amount of tax revenue generated from oil and natural gas produced in Texas? natural gas 1 Answer Voted Oldest Recent alice 0 Questions 136 Answers 136 Best Answers 136 Points View Profile Best Answer alice 2020-11-08T21:12:55+00:00Added an answer on November 8, 2020 at 9:12 pm In Texas, oil and natural gas production are the two main sources that lead the nation and thus yield substantial tax revenue for the state. Organizations are being charged a tax rate of 7.5 percent on natural gas production and a 4.6 percent rate on oil production. In the year 2017, there was an increase of $2 billion in the tax rate of oil production, while the tax generated on natural gas production is slightly less than $1 billion. The income from these taxes is distributed to several state funds. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Attachment Select file Browse Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment.