August 4, 2022
By News Director Jared Atha
State collections from oil and gas production again climbed to record levels in July, only a month after setting an all-time high, State Treasurer Randy McDaniel announced as he released the latest Gross Receipts to the Treasury report.
Total collections in July of $1.38 billion are 13.3 percent higher than receipts in July of last year. Receipts from the gross production tax on oil and gas extraction set a one-month record of $187.2 million, up by $104.6 million, or 126.6 percent, from the prior year. This surpasses last month’s record by $16 million, or 9.4 percent.
Elsewhere, AAA reports the average price of gasoline in Oklahoma is currently $3.76 per gallon, down from $4.54 a month ago. July gross production collections are based on May production when West Texas Intermediate crude oil was $109.55 per barrel and Henry Hub natural gas was $8.14 per million BTU.
Collections on income and consumption also rose in July, but at single-digit instead of triple-digit growth rates. Combined individual and corporate collections of $372.1 million are up by 5.5 percent. Total sales and use tax receipts of $590.1 million show an increase of 8.1 percent.
Monthly motor vehicle tax collections dropped for a second consecutive month. July receipts of $77.2 million are down by 5 percent from the same month of last year.
Gross receipts for the past 12 months of $16.62 billion are up by $2.52 billion, or 17.9 percent, over the prior 12-month period. All four major revenue streams show growth, ranging from 100.8 percent in gross production collections to 5.4 percent in motor vehicle tax receipts.
McDaniel also reported that the Oklahoma unemployment rate in June was reported as 2.9 percent by the U.S. Bureau of Labor Statistics. That is up from 2.8 percent in June. The U.S. jobless rate was listed as 3.6 percent in June, unchanged from May.
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