A recent report shows the utsystem has benefited so much from a surge in oil prices that it could overtake Harvard as America’s richest college. | TexasStandard
Almost a century later, Santa Rita has been decommissioned for some time, but revenue from the UT System’s oil and gas holdings has only grown. Ashows that the system has benefited so much from a recent surge in oil prices that it now threatens to overtake Harvard as America’s richest college.
Oh, definitely. Now, all of this was set up in the 1800s with the State of Texas setting aside land that could produce revenue for higher education. And these days, the University Lands system, which benefits both the UT System and the Texas A&M System, they have 2.1 million acres. And that land is in the Permian Basin of West Texas, the nation’s largest and most prolific oil field.
How much pressure is the UT System facing to change its mix of investments? I mean, there must be a lot of folks who are concerned about socially and environmentally responsible investing bringing some pressure on the regents. Whenever this issue of UT endowment comes up, and especially in the context of its growth and the money being raised by oil and natural gas, a lot of people who support UT point to the foresight of those who set up these landholdings in the first place. At the same time, you fast-forward to today, and a lot of people are saying, well, the future is probably not carbon-based energy.
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