Another sign of falling oil and gas revenue in the state….it came in the latest tax revenue release from Oklahoma Treasurer Todd Russ. At the same time, overall gross receipts also reflected a decline.
In his October 2024 gross receipts report, the Treasurer showed a more than 14% drop in gros production tax revenue from oil and gas. The Gross Production Tax totals were $73.3 million, down $12.1 million or 14.2% over receipts in September. But the decline was even greater from a year earlier.
Compared to October 2023, the receipts were 26.6% down, from $99.8 million a year ago to $73.3 million this year.
The breakdown included $52.34 million in gross production taxes on oil and $19.85 million on gas.
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The Treasurer stated that other tax sources for the same time period show individual income tax increased 16.3% total sales while use tax fell 7.7%. Motor vehicle tax slipped 1.7% and other sources grew by 9.9%.
Overall grossd receipts for the last 12 months through September total $16.95B, a decrease of $115.6M, or 0.7%, when comparing revenue from the previous year. Total revenue for October 2024 equal $1.387B and decreased over October 2023 by $16.2M or 1.2%. and reflecting a modest change from grocery tax cut going forward.
OK Unemployment for September — 3.4% seasonally adjusted rate, and unchanged from August.
US Unemployment for September — 4.1% seasonally adjusted rate, and unchanged from August.
Consumer Price Index — Increased 0.2% in September, after increasing 0.2% in August and July.
- The index for shelter rose 0.2% in September, and the index for food increased 0.4%. Together, these two indexes contributed over 75% of the monthly all items increase. The food at home index increased 0.4% in September and the food away from home index rose 0.3% over the month. The energy index fell 1.9% over the month, after declining 0.8% the preceding month.
- The all items index rose 2.4% for the 12 months ending September, the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.3% over the last 12 months. The energy index decreased 6.8% for the 12 months ending September. The food index increased 2.3% over the last year.
