Post by Logan on Jul 7, 2016 3:48:29 GMT -6
Increase in Oklahoma tax receipts may point to oil industry turnaround, state treasurer’s report suggests
Taxes paid by oil and gas producers increased over the last two months, providing a ray of hope that Oklahoma's dominant energy industry has seen the bottom of its two-year slide.
Oil price hikes appear to have stimulated the small upturn in tax receipts from this business sector.
Collections from gross production taxes on crude oil and natural gas remain below prior year numbers but rose in May and June after hitting a 17-year low in April, according to a monthly report released Wednesday by state Treasurer Ken Miller.
June receipts are based on oil prices in April, when the spot price of West Texas Intermediate crude oil was $40.75 per barrel. The commodity hit a low of $30.32 in February. It reached just under $49 last month.
Read more: newsok.com/increase-in-oklahoma-tax-receipts-may-point-to-oil-industry-turnaround-state-treasurers-report-suggests/article/5508408