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Record low oil prices could significantly hurt the finances of public higher education institutions in Texas, the Houston Chronicle reported Thursday.

University Lands, a company that overseas oil leases on state-owned lands, sent $1 billion to its Permanent University Fund last year, which supports the University of Texas and Texas A&M systems.

This year, the company projects a loss of at least $300 million in revenue after oil prices dropped to around $20 a barrel due to the COVID-19 pandemic and a price war driven by companies in Russia and Saudi Arabia.