Oil And Gas Tax Collections Hit 17-Year Low

Friday, May 6th 2016, 11:22 am
By: News 9

State Treasurer Ken Miller announced Friday that monthly collections from oil and natural gas production are the lowest since May 1999. 

Gross production taxes on oil and natural gas generated $20.8 million in April, a 37 percent decrease from last April and a 12 percent decline from last month.

Oil and gas gross production tax collections brought in $391 million during the past 12 months, down by $392.9 million or 50.1 percent from the previous year.

In February, West Texas Intermediate crude oil was $30.32 per barrel, its lowest level in more than a dozen years. Average oil prices have recovered slightly during the past two months.

“The state’s anchor industry continues to work through a supply-driven contraction and the effect is being seen in each of Oklahoma’s revenue streams,” said Miller.

Personal and corporate income taxes, generated $604.3 million, down 14.4 percent from the previous April.