What happens in Oklahoma’s oil patch affects the State Treasury

What’s happening to the oil and gas industry in Oklahoma has had a natural impact on Oklahoma’s revenue….it’s falling.

Witness the latest monthly report from State Treasurer Todd Russ who reported declining revenues from oil and gas production pushed down gross receipts. For the last 12 months, they totaled $17.05 billion, but were down $312 million or 1.8% from the previous year.

Revenue from the state’s Gross Production Tax dropped $565 million over last 12 months, down by 29 percent for the year.

• Oil and gas gross production taxes total $1.38 billion, a decrease of $564.7 million, or 29.1 percent.
• Motor vehicle taxes total $877.7 million, up by $2.8 million, or 0.3 percent.
• Other sources generated $1.64 billion, down by $29.5 million, or 1.8 percent.

All tax sources in November total $1.3 billion. Continuing recent monthly trends, the November total receipts are down by $23 million, or 1.8 percent.

In addition, the previous month comparison shows a decline from October to November of $113 million, or 8 percent.

The post What happens in Oklahoma’s oil patch affects the State Treasury first appeared on Oklahoma Energy Today.