Oklahoma Treasurer: March Marks "The End" of Three Years of Growth
Gross receipts to the Oklahoma Treasury of just more than $1 billion in March were up $6.4 million over the prior year, but officials warn the future is dim.
"This month marks the end of almost three years of economic growth," State Treasurer Randy McDaniel said in a statement. "I expect to see a much different picture emerge in the coming months."
Gross production taxes on oil and natural gas totaled $78.9 million in March, a decrease of $17.3 million, or 18%, from last March. Compared to February reports, gross production collections are down $6 million, or 7%
Sales tax collections in March total $368.2 million, a drop of $14.8 million, or 3.9% from the same month of the prior year. Use tax receipts generated $53.8 million, a decrease of $4.4 million, or 7.6%, over the year.
Officials are concerned continued low oil prices and the coronavirus pandemic will suppress those collections even more.
The treasury reports just 39 oil wells were active at the end of the month.