State Treasurer Todd Russ reported the gross production tax revenues in Oklahoma increased by more than 7% in the month of June.
The increase was $6 million or 7.3% compared to a year ago and totaled $89.1 million in revenues for April.
“Gross Production Tax held steady, this continued strength may reflect stable output and remain above key support levels. While the energy sector is known for its ups and downs, the trend over the past few months suggests growing confidence, new investment, and solid demand. These conditions continue to support Oklahoma’s economy, especially in energy-producing regions that rely on stable growth to plan for the future,” said Russ in releasing the new figures.
The Treasurer said the rebound in oil prices suggests renewed confidence in global demand or tighter supply, but the rig count pullback in the state also shows producers are being selective, focusing on efficiency rather than expansion. Stable gasoline prices also offer some relief to consumers and help ease overall cost-of-living pressures.
The report showed that while drilling activity slowed, higher crude prices help support Oklahoma’s GPT revenue. With inflation in check and energy prices steady, Oklahoma’s energy sector remains a foundation for continued, but cautious economic momentum.
The Treasurer said cooler inflation steadies consumer spending and tariff progress kept national sentiment upbeat, pulling the Dow to new highs. Many Oklahoma stocks tied to lower oil and natural-gas prices trimmed gains late in the month, leaving the state index slightly softer.
Nationally, investors welcome signs the Federal Reserve may hold rates steady through the summer, while businesses are lifting profit forecasts. Locally, solid rig activity and pipeline project hint that the Oklahoma index still has room to advance once ccommodity markets stabilize.