Oil boom pumping cash into UT and Texas A&M June 1, 2014
DALLAS (AP) — Texas' oil boom is pumping cash into the state's largest universities, giving them a financial windfall they're using for new construction while also trying to keep tuition affordable.
The Dallas Morning News reports the endowment for the University of Texas and Texas A&M University systems has grown by about 70 percent over the past five years. Gushing oil revenue has put about $1 billion a year into the Permanent University Fund.
That kind of growth been noticed in Austin. Gov. Rick Perry cited the dramatic boost last month when he urged University of Texas System regents not to raise tuition rates.
The board responded by not raising tuition next year for in-state students. The board promised to look for other sources of money that the schools say they need.