OKLAHOMA CITY (KFOR) – As drivers are feeling some pain at the gas pump, officials say state collections from oil and gas production climbed to record levels.
State Treasurer Randy McDaniel announced that collections from oil and gas production again climbed to record levels in July, only a month after setting an all-time high.
Total collections in July were 13.3% higher than receipts from July of 2021.
“Gross production collections are coming in at historic highs, which are driving growth in overall revenues,” Treasurer McDaniel said. “Looking ahead, inflation continues to be a major concern, even though we’ve seen some minor relief at the pump.”
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.
Officials say that surpassed last month’s record by $16 million, or 9.4 percent.