OKLAHOMA CITY (AP) — Overall collections to the state treasury last month were down about 2% compared to November 2019, due in large part to slumping oil and gas tax collections, Oklahoma Treasurer Randy McDaniel reported Monday.
McDaniel noted in his monthly report that oil and natural gas prices, production and employment have all slumped over the last two years. The number of active rigs has plummeted from 148 in November 2018 to just 13, while the industry has shed more than 20,000 jobs, McDaniel reported.
“Oklahoma’s economic slowdown started with reduced oil field activity several months prior to the virus outbreak,” McDaniel said.
Overall collections to the state treasury in November were $970 million, a dip of about $19 million, or 2%, compared to November 2019 collections.
There was some good news in McDaniel’s report, including that individual and corporate income tax collections in November topped collections from November 2019. Taxes on motor vehicles and medical marijuana were also both up from the previous November.
