Month of July Good Financially For Oklahoma

1-446

August 4, 2022

By News Director Jared Atha

State collections from oil and gas production again climbed to record levels in July, only a month after setting an all-time high, State Treasurer Randy McDaniel announced as he released the latest Gross Receipts to the Treasury report.

Total collections in July of $1.38 billion are 13.3 percent higher than receipts in July of last year. Receipts from the gross production tax on oil and gas extraction set a one-month record of $187.2 million, up by $104.6 million, or 126.6 percent, from the prior year. This surpasses last month’s record by $16 million, or 9.4 percent.

Elsewhere, AAA reports the average price of gasoline in Oklahoma is currently $3.76 per gallon, down from $4.54 a month ago. July gross production collections are based on May production when West Texas Intermediate crude oil was $109.55 per barrel and Henry Hub natural gas was $8.14 per million BTU.

Collections on income and consumption also rose in July, but at single-digit instead of triple-digit growth rates. Combined individual and corporate collections of $372.1 million are up by 5.5 percent. Total sales and use tax receipts of $590.1 million show an increase of 8.1 percent.

Monthly motor vehicle tax collections dropped for a second consecutive month. July receipts of $77.2 million are down by 5 percent from the same month of last year.

Gross receipts for the past 12 months of $16.62 billion are up by $2.52 billion, or 17.9 percent, over the prior 12-month period. All four major revenue streams show growth, ranging from 100.8 percent in gross production collections to 5.4 percent in motor vehicle tax receipts.

McDaniel also reported that the Oklahoma unemployment rate in June was reported as 2.9 percent by the U.S. Bureau of Labor Statistics. That is up from 2.8 percent in June. The U.S. jobless rate was listed as 3.6 percent in June, unchanged from May.

Got a news tip? Send it in: Email news@kecofm.com

Copyright 2022 Paragon Communications. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

pump-track4

Skate Park Addition Opens

March 27, 2028 By Landry Brewer Elk City is pumped over the new Ackley Park West attraction for wheeled-sports enthusiasts.

elx-18

Deadline to Change Party Affiliation Approaches

March 25, 2024 Custer County Election Board Press Release Oklahomans who want to change their party affiliation must submit their change no later than March 31, Custer County Election Board Secretary Ann Brown said today. Voters may

2-564

SWOSU Hosting Spring 2024 Commencement Ceremonies in May

March 15, 2024 SWOSU Press Release Southwestern Oklahoma State University will host four commencement ceremonies on the Weatherford campus in May for the Spring 2024 graduating seniors. Eligible participants for the ceremonies include students who will complete

1-811

Gun Safety Bill Passes Committee

March 15, 2024 OK House of Rep. Press Release Rep. Nick Archer, R-Elk City, passed a bill out of the Appropriations & Budget Committee on Thursday that would encourage responsible gun ownership.

3-357

SWOSU Pharmacy Students Advocate at Legislative Day

March 13, 2024 SWOSU Press Release On Tuesday, March 5, a delegation of 23 SWOSU Doctor of Pharmacy students, accompanied by three faculty members, participated in the annual Pharmacy Legislative Day at the Capitol, hosted by the

screenshot-2024-02-21-at-14-53-55-sales-tax-google-search

January Sales Tax Numbers

March 13, 2024 The latest sales tax numbers have been released and most western Oklahoma communities saw a slight dip in collections when compared to the same time a year ago.

john-paul-smith-2

Colonel Smith Goes to Washington

March 13, 2024 By Landry Brewer John Paul Smith takes a little bit of Elk City with him all over the United States and even overseas.

3-356

Fire Weather Returns Wednesday

March 12, 2024 A study by the Texas A&M forest service finds that the start of the Smokehouse Creek Fires may have originated near Stinnett, Texas in Hutchinson County late last month and may have been caused