Low oil prices may affect state economy

Ponca City Now - January 8, 2015 7:14 am

OKLAHOMA CITY (AP) – Oklahoma’s treasurer says the state’s economy performed well to close out 2014, but that continued low oil prices will eventually start to drag down other sources of revenue like income and sales taxes.

Treasurer Ken Miller released figures on Wednesday that show overall collections by the state in December and in 2014 exceeded those from the prior year. But he warned that December oil and gas production taxes reflect oil field activity from October, when oil prices were around $85 per barrel.

At the end of last month, he says the same oil was selling for less than $55 per barrel.

The Oklahoma Legislature already is projected to have about $300 million less to spend on next year’s budget, a hole that will grow if oil prices remain depressed.

 

Latest Stories

Virus-related unemployment claims rise in Oklahoma

OKLAHOMA CITY (AP) — The Oklahoma Employment Security Commission says virus-related claims for unemployment benefits, including...

Oklahoma court stays ruling, killer remains in state custody

(AP) — The Oklahoma Court of Criminal Appeals has stayed its ruling that overturns a man’s...

High court takes up case on virus relief funding for tribes

ALBUQUERQUE, N.M. (AP) — The U.S. Supreme Court will hear oral arguments Monday in a case...