Oklahoma Treasurer Ken Miller released October gross receipts on Tuesday and for the first time in nearly two years, the gross production tax revenues topped those from the same month a year earlier.
Miller said the collections were still significantly lower before the ongoing oil price slump but said the October gross production collects of $35.1 million were still above the October 2015 collections by $2.9 million or 8.9 percent.
The last time monthly gross production collections topped those of the previous year was in December 2014 when the received totaled $72.1 million.
“It’s not yet time to sing ‘Happy Days are Here Again,” but this month’s gross production number is welcome news,” said the Treasurer. “Since April, we’ve seen monthly gross production collections generally rise along with crude oil prices. Passing the prior year threshold this month is encouraging.”
In releasing the figures, he noted the October gross production collections were based on production activity from August when benchmark West Texas Intermediate crude sold for $44.72 per barrel.
All other major revenue streams, income, sales and motor vehicle taxes were lower in October and total monthly gross receipts to the Treasury continued a 20-month contraction. October collections totaled $886.2 million, a decline of 3.5 percent from October of 2015. The last time October collections were lower was in 2011. Collections during the past 12 months at $10.9 billion are the lowest since March 2012.