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7:10 am
Wed June 6, 2012

Oklahoma Revenue Grows but Oil, Gas Prices Remain Low

OKLAHOMA CITY (AP) — Oklahoma Treasurer Ken Miller says revenue collections by the state continue to rise in spite of low crude oil and natural gas prices.

Miller released his office's monthly gross receipts report for May on Tuesday. Miller says increases in state revenue are being driven primarily by income and sales taxes.

He says May revenue collections were up 5.8 percent from May of last year. That compares to average growth over the past 12 months of 9.2 percent.

But collections from gross production taxes on oil and natural gas were less than the same month last year for a sixth consecutive month and the seventh time in eight months.

Income tax collections have risen by double-digits from the same month of the prior year in nine of the past 12 months.