RRC Commissioner Porter: Texas CNG, LNG Sales Double FY 2014 Estimate - Sales of natural gas motor fuel in Texas exceed expectations
AUSTIN – Sales of natural gas motor fuel are surging in Texas.
As of July 31, fiscal 2014 tax revenue from sales of compressed natural gas (CNG) and liquefied natural gas (LNG) motor fuel totaled $2,178,199, according to the state Comptroller’s office.
Texas Railroad Commissioner David Porter, who launched his Natural Gas Initiative to increase the use of natural gas motor fuel in Texas last October, hailed the Comptroller’s report.
“These collections are more than double the estimated amount,” Porter said. “At 15 cents per gallon equivalent, $2,178,199 of motor fuel tax equals sales of 14,521,326 gallon equivalents of natural gas.” A “gallon equivalent” is the amount of CNG or LNG with the same energy content as a gallon of gasoline or diesel fuel.
State forecasters projected fiscal 2014 natural gas motor fuel tax revenue of $992,000, equal to sales of 6.6 million gallon equivalents. The July 31 total is 220 percent of that estimate.
“Natural gas vehicles are becoming mainstream faster than expected,” Porter said. “And there’s plenty of room for growth. These excellent sales figures represent only a fraction of potential sales, as more and more fleet operators take advantage of the cost savings, lower emissions and energy-security benefits of Texas natural gas.”
Commissioner Porter is coordinating the first-ever Texas Natural Gas Summit, set for October 23 at the Palmer Events Center in Austin. The Summit will connect industry employers with job seekers, showcase advanced natural gas technology and offer workshops for fleet managers and exploration and production operators.
David J. Porter was elected statewide to the Texas Railroad Commission on November 2, 2010. A Certified Public Accountant and successful small business owner, Commissioner Porter has worked with oil and gas producers for nearly three decades providing strategic financial advice and tax counsel. He has a long record of pro-business, free market, conservative credentials.