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State Oil Revenue Grows While Other Taxes Decline

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OKLAHOMA CITY -

Oil and natural gas tax revenue showed improvement in November, up nearly 13 percent from the same time one year ago. However, sales and income tax collections are on the decline. 

State Treasurer Ken Miller released tax revenue numbers Wednesday. In November, gross production taxes generated $34.1 million, up by $3.9 million, or 12.9 percent, from November 2015.

Prior to October, gross production tax collections had been lower than the prior year each month since December 2014. 

Income sales taxes, however, fell below the previous year's collections. Total gross receipts for November are 4.3 percent below last year’s collections. 

“It would appear our anchor industry is making slow but steady improvement, while the spillover effect of the long energy price downturn on income and consumer spending is ongoing,” Miller said. “My hope is that we will begin to see overall improvement with renewed oil field activity following OPEC’s plans to cut production levels and bring supply more in line with demand.”

During the past 12 months, December 2015 through November 2016, gross revenue totals $10.8 billion. That is $911.6 million, or 7.8 percent, below collections for the previous 12-month period.

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