Oklahoma's economy continues to do well, state treasurer says
Low natural gas prices still are a cause for concern, but overall Oklahoma's economy reflects health and resilience, he says.
The state's total revenue collections resumed their upward swing last month despite lower than projected natural gas prices, state Treasurer Ken Miller said Wednesday
“Oklahoma's economy is reflecting health and resilience in spite of the low price environment for natural gas,” Miller said.
Total revenue collections, a reflection of the performance of the state's economy, came in during April at $1.16 billion, up by almost $83 million, or 7.7 percent, compared with the same month a year ago, he said.
All major sources of revenue saw growth over the previous year except for gross production taxes on oil and natural gas, which fell by more than 20 percent, he said.
Collections from gross production taxes on oil and natural gas were less than the same time a year ago for a fifth consecutive month, and for the sixth time in seven months, he said.
During that time the percentage of gross production taxes generated by natural gas production has steadily decreased as prices have fallen.
In October, 51 percent of gross production collections came from gas extraction; by March, the amount had fallen to 34 percent.
Collections are up
Miller said the state's overall economy is doing well.
Since hitting bottom in revenue collections from the recession in February 2010, 12-month collections between May 2011 and April have increased by almost $1.6 billion and are now only $336 million below the peak in December 2008.
News Photo Galleriesview all
- 12757Oklahoma tornadoes: The 'Big Dog,' the little boy and the hug that triumphs over tragedy
- 10379Oklahoma tornadoes: Cost, custom keep basements scarce
- 9755Finding Addyson – One family's struggle in the Moore tornado
- 9478Oklahoma tornadoes: Plaza Towers Elementary School teacher shoved students into bathroom as wall collapsed
- 6719Miranda Lambert, Reba McEntire, Vince Gill to join Blake Shelton at "Healing in the Heartland" Oklahoma tornado benefit
- 4489Oklahoma tornadoes: Woman meets the military officer who shared the clothes off his back
- 4265Oklahoma tornadoes: Sooners bring back some smiles to Sydney Angle's teammates