University of Texas set to pip Harvard for richest school spot

The University of Texas may soon overtake Harvard as the wealthiest school in the US. How come? It’s sitting on more than 2 million acres of oil-rich land.

And with oil prices going through the roof, touching a high of $120 a barrel this year, the University of Texas is heading toward record revenues in 2022 that are set to top Harvard’s $53.2 billion endowment, according to Bloomberg.

250 drillers
“The University of Texas oversees 2.1 million acres—almost the size of Delaware and Rhode Island combined—in the Permian Basin.

“While other universities are shedding their fossil fuel holdings in the name of eco-consciousness, the Texas college system is leasing its land to drillers including ConocoPhillips, Continental Resources Inc. and nearly 250 other operators,” the report said.

$6mn a day
The University of Texas, whose endowment stood at $42.9 billion in June 2021, “makes about $6 million” every day from its oil assets, per the report.