OKLAHOMA CITY (AP) — Overall receipts to Oklahoma’s treasury were up 15% during the fiscal year that ended June 30, fueled by record-high tax collections on oil and natural gas production, State Treasurer Randy McDaniel said Tuesday.
Overall collections for the 2022 fiscal year totaled $16.46 billion, a 15% increase from the previous fiscal year, McDaniel reported. The figures show Oklahoma’s economy is continuing to expand despite inflationary pressure.
“Inflationary forces are a significant concern for consumers, but Oklahoma’s macro economy is benefitting from current energy prices and low unemployment,” McDaniel said in a statement.
The record-high collections from oil and gas production in June are based on April production when crude oil averaged $101.78 per barrel, McDaniel reported.
For the first time in state history, collections from oil and gas production taxes topped $1.5 billion during fiscal year 2022. June 2022 oil and gas production taxes totaled $171 million, the highest of any single month.