We review and compare the distribution of oil and gas revenues in Brazil and in the State of Texas, USA and assess its impacts on the local economies. We focus on two indicators: the distribution of revenues from the oil and gas exploration and production sector and the tax contribution of these revenues to the total base of local economies. We investigate the effects of these two indicators on local socioeconomic development using the data of the top revenue recipients in the Brazilian southeast coastal region and Texas from 2013 to 2017. The results show both similarities and differences between the two regions in terms of oil and gas revenue distribution and its impacts. There is a statistical correlation between oil and gas incomes and Gross Domestic Product (GDP) growth in both regions, but it is much stronger in Brazil, indicating that the economic growth in these Brazilian municipalities is more subordinate to these resources than in theTexan counties. Oil and gas industry development also helps reduce local unemployment rates, but oil and gas revenues do not translate into a reduction in local poverty rates. We also describe the regulation system on the oil and gas industry in both regions. Overall, the petroleum industry is a very important contributor to the local tax base in both regions, suggesting the local economies could be better diversified to boost more robust local employment and economic growth.