Oklahoma oil, gas tax receipts rise, but downturn continues

Ponca City Now - July 7, 2016 8:49 am

OKLAHOMA CITY (AP) – The state of Oklahoma reports modest increases in oil and natural gas production tax collections over the past two months, although these collections fall well short of the state's marks at the same time last year.

State Treasurer Ken Miller on Wednesday said Oklahoma is muddling through a continued economic downturn as gross receipts for the month of June were $925.7 million, or 7.4 percent lower than the June 2015 total. Miller says data released in June show the state entered a recession in the spring of 2015.

Oklahoma's monthly unemployment rate rose in May to match the federal rate at 4.7 percent. The treasurer's report says one June survey of supply managers suggested a worse economic outlook over the next three to six months than was estimated in May.

 

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