Slow Gas Receipts; Slow Economic Growth
Because of a 20% fall in crude oil prices, the report of August’s total gross receipt growth rate is the lowest in over two years. A dip in income tax collections and slow of oil and gas production tax receipts have resulted in just a 3.2 percent rise in receipts from this time last year. State Treasurer Randy McDaniel claims, “we continue to see economic growth,” yet “it’s not as robust as previous months.” Additionally gross production on tax and oil has dropped more than 1/3 since a peak in November 2018.
What was previously neutral growth has plummeted to the negatives for the August Oklahoma Business Conditions index.
The Office of the State Treasurer develops monthly Gross Receipts to the Treasury Report in order to provide an overview of macro-economic status of the state.