Oklahoma downturn now longer than Great Recession, treasurer says
Ponca City Now - August 5, 2016 3:08 pm
OKLAHOMA CITY (AP) – Oklahoma's treasurer says state revenue was down again in July and that the state's economic downturn is now longer than the Great Recession.
Treasurer Ken Miller said Friday that revenue to the state treasury in July was about $854 million, down $88 million from July 2015.
Taxes on oil and natural gas production were $30.5 million in July, down $10.5 million from last July but up about $5 million from June's figures.
Miller says the state's economic decline, due partly to a drop in energy prices, has now lasted 17 months, while the recession ended after 14 months.
From the last peak in February 2015, 12-month collections have fallen by $1.1 billion. During the recession, 12-month gross receipts shrank by $1.9 billion between December 2008 and February 2010.