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Low Oil Prices Hit University Funds in Texas

April 6, 2020
 
 

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.

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