OKLAHOMA CITY (AP) — Oklahoma's treasurer said state tax collections from oil and gas revenue production are up for the first time in almost two years.
October's gross production collections of $35.1 million were more than October 2015 collections by 8.9 percent, the Oklahoman (http://bit.ly/2ff8eDF ) reported.
"It's not time to since 'Happy Days Are here Again,' but this month's gross production number is welcome news," Treasurer Ken Miller said. "Since April, we've seen monthly gross production collections generally rise along with crude oil prices. Passing the prior year threshold this month is encouraging."
October gross production collections are based on production activity from August, when West Texas Intermediate crude oil sold for an average of $44.72 per barrel.
All other major revenue streams, such as income, sales and motor vehicle taxes, reduced in October. The state's gross receipts for last month show the total collections, including the previously stated revenue streams, down 3.5 percent from October of last year. Oklahoma's unemployment rate for the month of September was higher than the national unemployment rate for the third consecutive month, reported at 5.2 percent while the U.S. rate was reported at 5 percent.