Slumping energy prices drag down Oklahoma tax collections

Gross receipts to the treasury in October were down about $47 million, or 4.1%.

Oil

OKLAHOMA CITY – Oklahoma’s state treasurer says slumping oil and natural gas prices are dragging down overall collections to the state treasury. Treasurer Randy McDaniel reported Thursday gross receipts to the treasury in October were down about $47 million, or 4.1%, compared to October of last year. He reported individual income tax collections dropped by more than 7%, indicating the state’s economic downturn is continuing. Overall gross receipts for the last 12 months totaled $13.2 billion, down by about $500 million compared to collections from the previous 12 months. The production tax on oil and natural gas has been down each month for more than a year.