Oil, Gas Revenue Putting Drag on State Collections
OKLAHOMA CITY (AP) — Oklahoma's latest state revenue report shows a decline in oil and gas production proceeds is continuing to drag down overall collections to the state treasury.
Treasurer Ken Miller released figures on Thursday that show for the third time in the last six months, total collections last month fell below those of the same month last year.
Overall collections for August totaled nearly $820 million, a decline of 2.8 percent from August 2011. The notable drop was a nearly 54 percent decline in oil and gas production revenue compared to the same month last year.
Miller says that dip is being offset by gains in other revenue categories, including a 10.4 percent increase in sales tax collections and a 7.4 percent increase in motor vehicle taxes.