Oklahoma's State Treasurer, Ken Miller, is reporting big increases in the oil field taxes paid to the state.
He says in his recent press release;
"Oil and gas gross production tax collections brought in $564.9 million during the 12 months, up by $206.9 million, or 57.8 percent, from the previous period."
Here's more of Miller's report – "Monthly Gross Receipts to the Treasury entered a second year of growth in January with collections topping the same month of the prior year by more than 15 percent, State Treasurer Ken Miller announced today.
January gross receipts of $1.1 billion show an increase in the monthly reports for the 12th time in 13 months. Prior to January of last year, monthly receipts had shown contraction for 20 consecutive months. Combined gross receipts for the past 12 months have grown by 7.5 percent."
“Gross collections would indicate Oklahoma, as with the nation, is experiencing increased economic activity,” Miller said. “This data is certainly good news, but as investment disclosures always say, ‘past performance is no guarantee of future results.’ Gross receipts reports are indicators of what has already occurred, not predictors of future activity.”
Changes in monthly gross receipts during the past 12 month have ranged from a decrease of 2.7 percent in March to an increase of 15.1 percent this month. The rate of growth has generally accelerated with each passing month.
The new revenue accounts for 17.4 percent of the growth in January collections compared to the prior year. Out of more than $5.9 billion in collections since August, $140.9 million, or 2.4 percent, has resulted from law changes from last session."