Oklahoma Treasury Collections Increase From August 2020 | Business

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FILE – In this file photo from Jan. 14, 2019, Oklahoma state treasurer Randy McDaniel arrives for the inaugural ceremonies in Oklahoma City. Overall Oklahoma Treasury collections last month topped August 2020 by nearly 20%, fueled largely by increased tax revenues from oil and gas production, reported State Treasurer McDaniel on Friday, September 3, 2021.


Sue Ogrocki – staff, AP


PA

OKLAHOMA CITY (AP) – Overall collections from the Oklahoma Treasury last month topped August 2020 by nearly 20%, fueled largely by increased tax revenues from oil production and gas, state treasurer Randy McDaniel reported on Friday.

Total monthly revenue in August was $ 1.17 billion, an increase of $ 191 million from August 2020, or 19.5%, McDaniel reported. Collections of taxes on oil and gas production have increased by more than 150% compared to the same month last year. Personal income tax, sales and use tax and motor vehicle revenue collections also increased by double-digit percentages compared to the same period last year.

“Oklahoma’s economy is doing well, but there are concerns about the resurgence of the coronavirus,” McDaniel said in a statement. “As for the energy industry, demand continues to be strong around the world.

August’s gross production tax collections came from oilfield activity in June, when the price of West Texas Intermediate crude in Cushing was $ 70.46 a barrel, the treasurer’s office reported.

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