Oklahoma’s gross receipts hit record high thanks to increased oil prices

Oil Prices Rise Above $56 | Financial Tribune


Oklahoma State Treasurer Randy McDaniel reported this week that the state’s expanding economy pushed gross receipts to an all-time high as collections from the past 12 months topped $14.5 billion. Rising oil prices were a key part of it.

Gross receipts for the month were also a record high totaling $1.38 billion, exceeding results from September 2020 by 20%.

“Gross receipts show improvement across the board with every revenue source producing strong results,” Treasurer McDaniel said.
“The revenue report, coupled with low unemployment, reflect the
healthy status of the state economy.”

The gross production tax on oil and gas is up during the month by almost 130 percent as commodity prices continue to rise.

September gross production collections are from oil field activity
in July, when West Texas Intermediate Crude Oil at Cushing averaged $72.49 per barrel – the highest price since
November 2014. However, the report by McDaniel came out as WTI prices hit nearly $79 a barrel in Tuesday’s trading and more than $82 a barrel overseas.

September 2021 gross production taxes on oil and natural gas total $106.1 million, an increase of $59.7 million, or 128.7 percent.

During the past 12 months, all revenue streams show healthy growth with gross production receipts leading the way – up by 32
percent over the previous period. Motor vehicle taxes and total
sales and use taxes both are up by more than 10 percent during
the year.

Click here for the McDaniels report.