Surging Energy Prices Boost Tax Revenues

OKLAHOMA CITY (AP) -- Rising prices for oil and natural gas plus an increase in production resulted in a more than $1-billion increase in state revenue for fiscal year 2006.<br/><br/>The gross production

Friday, July 28th 2006, 10:54 am

By: News On 6

OKLAHOMA CITY (AP) -- Rising prices for oil and natural gas plus an increase in production resulted in a more than $1-billion increase in state revenue for fiscal year 2006.

The gross production tax on natural gas increased 37 percent to $777-million and the tax on crude oil is also up 37 percent to $275-million for the fiscal year that ended June 30th.

About 80 percent of the oil revenue goes to education. The remainder and most of the natural gas tax are deposited in the state's general revenue fund that pays for all state agencies and programs.