Oklahoma State Treasurer Ken Miller is out with his latest Oklahoma Economic Report detailing how the energy slump continues to hurt the state’s economy. As Miller announced earlier, the monthly gross receipts to the Treasury in January took their largest plunge in more than five years.
In case you forgot, the January collections totaled $985.4 million and were down by nearly $150 million or more than 13 percent compared to January of 2014. It was the first double-digit percentage reduction in monthly gross receipts since the treasurer’s office started tracking them in March 2010.
“The surplus-driven energy contraction continues to spill over into all of Oklahoma’s main revenue sources,” said Miller. “Every major revenue stream in January was smaller than a year ago. Collections from oil and natural gas gross production are off by more than 50 percent, and the downturn is suppressing income, sales, and motor vehicle tax collections.”
Miller said the 12-month Gross Receipts to the Treasury shrank by nearly 5 percent compared to the previous 12-month period. The Monthly collections from oil and natural gas producton taxes have been lower than the same month of the prior year for 13 straight months.
The monthly receipts are based on production activity from November when the average price of benchmark West Texas Intermediate crude oil was $42.39 per barrel.
Read full report.
Oklahoma Economic Report
