Gas Pushes Oklahoma Revenues Up

Better performance from the state tax on natural gas production gets the credit for the slight increase in Oklahoma's March revenues, Treasurer Ken Miller said last week.

The tax on natural gas and crude oil production brought in $66.9 million last month, Miller said, almost at the level of March 2012 after falling for more than a year. Well owners are getting more for the gas so they are producing more, he said.

 "The natural gas market has stabilized somewhat and prices have risen by about 30% from their low," Miller said. "We are seeing those improved market conditions reflected in our collections."

Production tax revenues were up $3.7 million from February and $790,000 less than in March 2012.

Total collections of $944.6 million in March were up by $24 million from last year.

Three of the four major tax categories were lower than in February, with motor vehicle taxes off by more than 11%.

Sales tax collections were down by $5.3 million.

"The bottom line indicates Oklahoma's economy is continuing to expand, but moderation continues," Miller said.

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Oklahoma
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