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ODAY oil and gas are produced in 147 counties. Ninety-eight additional counties are receiving the benefits of leasing and exploration activities. Thus in 245 of Texas* 254 counties, business, government, tax collector, wage earner, farmer and rancher receive their part of the oil man’s expenditures every month in the year. Even the dry holes (52,000 drilled to date at a cost of a billion dollars) contributed their share of employment and wide distribution of money. Last year land' owners received fifty million dollars in lease rentals and bonuses alone. In many counties where oil is a major factor, local gov- ernment receives as much as 90% of its total tax revenue from the oil business. Then, too, the State collects 45% of its tax money (exclusive of the gasoline tax) from the oil man. In 1938 this was thirty-two million dollars. Every barrel of oil produced in Texas in that year paid an average of 9.3 cents tax. Tbit Advrtittmtui Paid far by Variant Umitt •/ tbt Industry mad Sfutartd by TEXAS MID-CONTINENT OIL AND GAS ASSOCIATION \
Trout, H. I.Graham Daily Reporter (Graham, Tex.), Vol. 6, No. 122, Ed. 1 Monday, January 22, 1940,
newspaper,
January 22, 1940;
Graham, Texas.
(https://texashistory.unt.edu/ark:/67531/metapth1116185/m1/3/:
accessed May 27, 2024),
University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu;
crediting The Library of Graham.