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Gross Receipts to the Treasury show Oklahoma’s economy is doing very well at the start of the new year, State Treasurer Randy McDaniel announced.
January gross receipts of $1.5 billion are up by more than 27 percent compared to the same month of last year. Twelve-month receipts of $15.5 billion measure growth of more than 18 percent compared to the prior period.
The state’s oil and gas industry played a large role in boosting the amount of money as gross production taxes increased 149.5%. The total in collections increased $86 million to reach $143.5million according to the Treasurer’s office.
Source: OK Energy Today
Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.
Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.
U.S. West Texas Intermediate crude ended $2.04, or 2.3%, higher at $92.31 a barrel after trading as high as $93.17, its highest since September 2014.
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