Oil And Gas Tax Collections Hit 17-Year Low

State Treasurer Ken Miller announced Friday that monthly collections from oil and natural gas production are the lowest since May 1999. 

Gross production taxes on oil and natural gas generated $20.8 million in April, a 37 percent decrease from last April and a 12 percent decline from last month.

Oil and gas gross production tax collections brought in $391 million during the past 12 months, down by $392.9 million or 50.1 percent from the previous year.

In February, West Texas Intermediate crude oil was $30.32 per barrel, its lowest level in more than a dozen years. Average oil prices have recovered slightly during the past two months.

“The state’s anchor industry continues to work through a supply-driven contraction and the effect is being seen in each of Oklahoma’s revenue streams,” said Miller.

Personal and corporate income taxes, generated $604.3 million, down 14.4 percent from the previous April.