Plunging oil prices expected to dampen Texas revenue outlook

By PAUL J. WEBER
Associated Press

AUSTIN, Texas (AP) - Plunging oil prices are expected to dampen how much money lawmakers will have to spend when the Texas Legislature returns to work this week.

Republican Comptroller Glenn Hegar will announce the new state revenue estimate Monday. The number is a crucial starting point that tells budget writers how much money is available.

Tax relief and more roads are among the priorities that Republican Gov.-elect Greg Abbott and other lawmakers have outlined for the 140-day session. But tumbling oil prices have complicated those plans.

Budget observers and even some Republicans say the slowdown of the energy industry in Texas will likely rein in some campaign promises from a year ago. The current Texas budget spends over $100 billion in state funds.

The 84th Legislature convenes Tuesday.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


  • Popular

  • Recent

Stories You May Be Interested In - includes advertiser stories