Oklahoma tax collections on oil and gas rose in May

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Gross production tax revenues on oil and gas for May in Oklahoma increased, according to a report from State Treasurer Todd Russ.

“With the last month’s reporting increases, we see leveling across all tax divisions,” stated the treasurer in his report. May Gross Receipts reports an increase with totals equaling $1.3B, up $20.2M, or 1.6% when compared to May 2023.

Receipts for the last 12 months through May total $16.93B, a decrease of $548.8M, or 3.1%, when comparing revenue from the previous year.

Gross Production Tax or “GPT” decreased $792.4M, or 41.5% for the same twelve month period but for month to month comparisons this month is up from last month. In contrast, total income tax increased 2.5%, total sales and use tax increased 1.5% and motor vehicle tax increased 3.2%.



OK Unemployment — April: 3.5%, for second month and returns to it’s five month streak rate from January.

US Unemployment — April: 3.9%, after decreasing to 3.8% in March and increasing to 3.9% in February.

Consumer Price Index — Consumer prices decreased to 0.3% for April, after two months at 0.4%.

  • The index for shelter rose in April, as did the gasoline index, contributing over seventy percent of the monthly increase in the index for all items. The energy index rose 1.1% over the month. The food index was unchanged. The food at home index declined 0.2%, while the food away from home index rose 0.3% over the month.
  • The index for all items less food and energy rose 0.3% in April, after rising 0.4% in each of the 3 preceding months. Indexes increasing in April include shelter, motor vehicle insurance, medical care, apparel, and personal care. The indexes for used cars and trucks, household furnishings and operations, and new vehicles decreased over the month.
Business Conditions The state’s Business Conditions Index for May is delayed. As no response was given, next month will reflect two months. See below for 2024 index summary.

January 48.7   –   February 46.9   –   March 53.3   –   April 54.7

Survey highlights overall, or Business Conditions Index, climbed to its highest level since September 2023. While the wholesale price remained at a level indicating elevated inflationary pressures. The region’s manufacturing sector lost jobs for a fourth straight month. Survey participants reported a wage gain of 3.5% over the past 12 months, or below the rate of inflation.