Oklahoma reports drop in gross production tax revenue from oil and gas


Oklahoma Treasurer Todd Russ reported the state’s revenue from its gross production tax on oil and gas continues to show a lower trend.

Figures released in his March 2024 Economic report showed a more than 12% drop in oil and gas gross production tax revenue from February to March.

The total revenue was $82.7 miillion for the month but it was $11.8 million or 12.4%  lower than the previous month. The gross production tax revenue was the only one of the five major tax revenue sectors to report a decline.

Income tax revenue for March rose more than 25%. Sales and Use tax revenue increased nearly 10% while vehicle tax revenue grew by about 12% and other tax r evenue increased by 7%.

Tax Divisions