Oklahoma’s oil and gas industry continues with strong growth reflected in the November gross receipts recently announced by State Treasurer Ken Miller.
As the total receipts were 12 percent higher than the same month of last year, oil and gas gross production taxes generated $52.7 million or an increase of $18.7 million from a year earlier. That’s an increase of 54.8 percent. Compared to October, the collections were up 1.3 percent or $686,000.
Miller indicated the total gross production collections to date for 2017 totaled $520.4 million, an increase of $11.8 million or 49.3 percent from the previous 12-month period.
November collections in all categories totaled $893.4 million or $98.6 million higher than November 2016. The last time the monthly gross receipts grew by more than 12 percent was in February 2012.
The increase for November also represented the 8th consecutive month for year-over-year growth according to Miller.
“Gross receipts to the treasury insomuch as they indicate general economic activity, paint an encouraging picture as we enter the holiday period,” he said. “Sales tax collections, a measure of consumer confidence, are up by double-digits and the bulk of holiday shopping including Black Friday is not yet measured with this report.”