Oklahoma treasury collections surge compared to August 2020

OKLAHOMA CITY (AP) — Overall Oklahoma treasury collections last month exceeded August 2020 by nearly 20%, fueled largely by increased oil and gas production tax receipts, state Treasurer Randy McDaniel reported Friday.

Total monthly receipts in August were $1.17 billion, an increase of $191 million from August 2020, or 19.5%, McDaniel reported. Collections from oil and gas production taxes were up more than 150% from the same month last year. Collections from the individual income tax, sales and use tax and motor vehicle receipts also grew by double-digit percentages from the same time last year.

“Oklahoma’s economy is doing well, but there’s concern about the resurgence of the coronavirus,” McDaniel said in a statement. “In regard to the energy industry, demand continues to be strong worldwide.”

August gross production tax collections were from oil field activity in June when the price for West Texas Intermediate Crude at Cushing was $70.46 per barrel, the treasurer’s office reported.