The Oklahoma economy is clearly not immune to the fiscal impact of the pandemic, as is illustrated in January Gross Receipts to the Treasury — down by the largest margin in eight months reported Treasurer Randy McDaniel.
Collections from the gross production tax on crude oil and natural gas followed a more than yearlong pattern, falling by almost 35 percent, to $57.5 million, during the month reported the Treasurer. On the other hand, while oil and gas production fell, the report showed Oklahomans must have been smoking more medical marijuana because the pot tax brought in $5.2 million, up by $2 million or nearly 60% from a year ago.
Collections from all sources in January total $1.19 billion, down by $72.1 million, or 5.7 percent, from January 2020. Combined gross receipts from the past 12 months of $13.12 billion are below collections from the trailing 12 months by $610.4 million, or 4.4 percent.
“Oklahomans have demonstrated remarkable strength and resiliency during the past year, but the state economy is clearly not immune to the fiscal impact caused by the pandemic,”
Treasurer McDaniel said.
However, with the rise in crude oil prices, he predicts there will be increased revenue in the coming months. The January revenue is based on production from November when the average price of West Texas Intermediate crude at Cushing was just under $41 per barrel.
For the past 12 months, oil and gas gross production tax collections were $599.3 million, down by $415.3 million, or
40.9 percent.
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