Slump in oil and gas tax collections leads to drop in Oklahoma’s August receipts

Falling Tax Revenues Affect Park and Recreation Budgets | Feature | Parks &  Recreation magazine | NRPA


Another sign of how much Oklahoma’s economy has slowed in the past several months, came from State Treasurer Todd Russ who said gross receipts to the treasury for August were down nearly 9% from a year earlier. Oil and gas collections were down 60%.

The totals revealed a drop of $121.8 million or 8.9% when comparing August 2023 to August 2022. It also showed that the Gross Production Tax collections from energy companies fell from $205.6 million to $82.3 million, a drop of $123.3 million or 60%.

Oilpatch faces uphill battle recruiting skilled and unskilled workers | CBC  News

Russ explained receipts in the state have followed a downward trend since the March record annual high of $17.64 billion. However, the 12-month total of $17.26 billion is still $434.44 million or 2.6% more than the previous 12-month collections.