Oklahoma Treasurer Todd Russ says his August 2024 economic report shows the state’s gross production tax on oil and gas production was up 2% compared to August of 2023 even with falling crude oil prices.
The revenue from the tax was $26.59 million on gas; $55.92 million on oil; $446,083 thousand on petroleum gas and $907,038,000 on petroleum oil.
The August total revenue from the gross production tax was $83.9 million or $1.6 million or 2% more than a year earlier. It also represented an overall increase from July of $0.2 million or 0.2%.
The slight gains were reported despite a drop in the price of West Texas Intermediate crude which is considered the U.S. benchmark. WTI crude oil price is down more than $5 from July and for August, sat at an average of $76.68 a barrel while the nation’s gasoline index dropped 0.6% over the month.
