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Thursday, September 2, 2021
OKLAHOMA CITY – Oklahoma Gross Receipts to the Treasury in August grew by almost 20 percent over the year with a rebounding fossil fuel industry leading the way, State Treasurer Randy McDaniel announced today.
Total monthly gross receipts of $1.17 billion are higher than August of last year by $191.2 million, or 19.5 percent. Collections from the gross production tax on oil and natural gas are up by more than 150 percent. Individual income tax, sales and use tax, and motor vehicle receipts also grew by double digits during the month.
“Oklahoma’s economy is doing well, but there’s concern about the resurgence of the coronavirus,” Treasurer McDaniel said. “In regard to the energy industry, demand continues to be strong worldwide.”
The gross production tax comprises less than 10 percent of August gross receipts, but the economic activity generated by the oil and gas industry impacts all revenue streams. August remittances are from oil field activity in June, when West Texas Intermediate Crude at Cushing was set at $70.46 per barrel and Henry Hub Natural Gas was selling for $3.15 per million BTU.
In July, the latest data available, the federal Bureau of Labor Statistics reported there were 27,900 jobs in Oklahoma oil fields. That is the highest level of oil field employment since June 2020, but is still significantly lower than its peak of 65,000 in December 2014.
Twelve-month total collections of $14.29 billion show ongoing economic expansion with all major revenue sources higher than the previous 12 months.
Other indicators
The Oklahoma Business Conditions Index for August points to anticipated economic growth. The monthly index was set at 68.4, down from 72.7 in July. Numbers above 50 indicate expansion is expected during the next three to six months.
The July unemployment rate in Oklahoma was reported as 3.5 percent by the U.S. Bureau of Labor Statistics. The state’s jobless rate was down from 3.7 percent in June and from 7.2 percent in July 2020. The U.S. unemployment rate was set at 5.4 percent in July.
August collections
Compared to gross receipts from August 2020, collections in August 2021 show:
Twelve-month collections
Combined gross receipts for past 12 months compared to the trailing 12 months show:
About Gross Receipts to the Treasury
The monthly Gross Receipts to the Treasury report, developed by the state treasurer’s office, provides a timely and broad view of the state’s economy.
It is released in conjunction with the General Revenue Fund report from the Office of Management and Enterprise Services, which provides information to state agencies for budgetary planning purposes.
The General Revenue Fund, the state’s main operating account, receives less than half of the state’s gross receipts with the remainder apportioned to other state funds, remitted to cities and counties, and paid in rebates and refunds.
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For more information contact:
Tim Allen, Deputy Treasurer for Communications & Program Administration
(405) 205-4929