The money collected by the state of Oklahoma, or gross receipts,totaled $970 million in May. That’s up by 13.6 percent from the same month last year and an all-time record for the state. It’s part of a steep upward trend that can be traced back to January 2017, according to the Oklahoma State Treasurer’s office.
“All of the sources of revenue are showing growth. That includes income tax, gross production tax, sales tax, motor vehicle taxes and then all the other miscellaneous stuff grouped into one. Everything is in positive territory,” said the agency’s spokesperson, Tim Allen.
Allen says the record numbers reflect the state’s oil-and-gas-driven economy. And while increasing oil prices have helped the oil and gas industry recover, the numbers tell a more complex story.
In addition to tracking monthly gross receipts, Allen keeps a rolling 12-month total of gross receipts. As of May 31, that number is within one percent of its 10-year peak of $12.1 billion.
That record of $12.1 billion was set in February 2015. During that 12-month period oil prices stayed above their current levels for nine months, often topping $100 per barrel.
Allen says May’s 12-month total shows just how well Oklahoma’s largest industry has adapted to lower prices.
Oil prices hovered around $70 per barrel in May. And though they have wavered in June ahead of an expected increase in supply, the state’s gross receipts won’t necessarily follow suit.
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