Not correct.
When production goes up, volume will go up. Tax income will go up.
That has been demonstrated over and over but the libs still don’t get it.
Not only will revenue from oil and gas increase, but revenue will increase from all industry that use oil, depend on transportation of their good, and personal spending.
Tourist industries will benefit. On and on.
By the way, a hotel man told me today that the east coast tourist industry is already hurting and expects much worse.
A major source of tax revenue for NC, SC and FL as well as national tax.
Exxon/Mobil et al aren’t taxed on how many gallons they sell. They are taxed like any other corporation on their profits. If the amount of their profits go down, so too does the amount of tax revenue collected from them.