Oil and Gas Taxes Fuel Oklahoma

Oklahoma’s economy, as reflected in monthly gross receipts to the treasury, set new highs in January, according to State Treasurer Ken Miller.

Chad Warmington, president of Oklahoma Oil & Gas Association, comments, “The double digit year-over-year growth in oil and gas tax receipts that pushed the total tax collections from the industry past $800 million in 2013 indicates Oklahoma’s economy continues to run strongly on the robust activity in the oil and gas sector. As we look ahead, it is critical that Oklahoma policy leaders make certain they maintain a welcoming and predictable investment environment where energy companies remain confident in investing billions of dollars annually in our state.”

He continues, “We hope policy makers pay particular attention to Treasurer Miller’s note that ‘the record collections are an indicator of the strength of Oklahoma’s economic output and are not the result of revenue raising measures. In fact, taxes have been cut over the past several years.’”

Warmington concludes, “Now is not the time to raise taxes on the state’s most prolific revenue generators.”

Updated 02-25-2014

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