State Spending

Oklahoma City, OK – State gets much-needed boost from oil, gas taxes

OKLAHOMA CITY (AP) While the state is still facing a massive budget shortfall, higher oil and natural gas prices are providing a much-needed boost to state revenue collections.

State Treasurer Scott Meacham said Monday the state will have about $60 million more to spend in the current budget year and an additional $120 million available in fiscal year 2011.

Meacham outlined the changes in collections that will be finalized on Tuesday by the state Board of Equalization. The board is scheduled to certify how much money the Legislature will have available to spend on state programs.

Meacham says that since Decemer the revenue from gross production taxes on natural gas increased by $95 million and revenue from the tax on oil increased by $43 million.

Copyright 2010 The Associated Press.