Texas Almanac, 1941-1942 Page: 545
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Texas and Its Petroleum Industry
THE PETROLEUM INDUSTRY should be appraised according to
the service it renders for the general public welfare and the contributions
it makes to the economic progress of Texas.
THE PETROLEUM INDUSTRY is largely responsible for Texas'
enviable position as the industrial and commercial empire of the South-
west and for its relatively prosperous condition through a period when
other sections of the nation suffered from depression and business
The degree to which THE PETROLEUM INDUSTRY is bene-
fiting the State and its people is shown by the fact that more than
1,000,000 Texas people depend solely upon it for their livelihood; that
it now pays directly and indirectly taxes in the amount of more than
$116,000,000 to the state and local governments: that a substantial por-
tion of all local tax revenue is obtained from ad valorem taxes levied
upon its properties in every section of the State; that Texas farmers and
landowners receive over $125,000,000 a year in lease rentals, lease
bonuses and royalty payments; that the constant influx of new capital
from the oil industry combined with the reinvestment of its profits is now
exceeding the annual value of the petroleum produced.
These factors are having a marked state-wide influence upon the
general economic welfare of every Texan, regardless of his particular
Unhappily, but true, excessive taxation is progressively not only
taking a substantial portion of the PETROLEUM INDUSTRY'S profits,
but in many instances much of its capital. This condition, if continued,
will not only definitely jeopardize the progress and general welfare of the
people of Texas, but will directly tend to destroy the State's most
ONLY WITH A PUBLIC POLICY OF MORE ECONOMY IN
GOVERNMENT AND LESS TAXATION CAN THE PEOPLE, AS
WELL AS THE STATE, CONTINUE TO RECEIVE THE
MAXIMUM BENEFITS FROM THIS INDUSTRY.
SUN OIL COMPANY
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Texas Almanac, 1941-1942, book, 1941; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth117164/m1/547/: accessed June 24, 2021), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.