Decline in Energy Taxes Slows Oklahoma Growth Rate
OKLAHOMA CITY (AP) — Oklahoma's treasurer says the state's economy continues to show positive signs, but that declining revenue from oil and natural gas production is slowing the state's economic growth.
Figures released on Thursday by Treasurer Ken Miller show gross collections of oil and gas production taxes in June dropped more than 42 percent compared to June 2011. It was the seventh consecutive month that gross production taxes fell compared to the same month of the last year.
But Miller noted that gross collections for taxes on sales, income and motor vehicles all increased from June 2011, helping to offset some of the loss from energy taxes. As a result, the figures show gross June collections were down only 0.6 percent from June 2011.
Copyright 2012 The Associated Press.