OK Treasury Receipts Up 15%

OKLAHOMA CITY (AP) — According to State Treasurer Randy McDaniel, overall receipts to Oklahoma’s treasury were up 15% during the fiscal year that ended June 30th. He attributed the expanding collections to record-high tax collections on oil and natural gas production.

Overall collections for the 2022 fiscal year totaled $16.46 billion. The figures show Oklahoma’s economy is continuing to expand despite inflationary pressure.

For the first time in state history, collections from oil and gas production taxes topped $1.5 billion during fiscal year 2022. June 2022 oil and gas production taxes totaled $171 million, the highest of any single month.

McDaniel said the record-high collections from oil and gas production in June are based on April production when crude oil averaged nearly $102 per barrel.