(The Center Square) - Oklahoma's gross receipts were up by $16.5 billion in fiscal year 2022 over last year due in part to a surge in oil and gas collections, according to a report from State Treasurer Randy McDaniel.
McDaniel said that oil and gas collections topped $1.5 billion for the first time in any 12-month period for FY22. The collections for June are also the highest for one month at $171.2 million.
The numbers are based on April oil prices, which were $101.78 per barrel according to the Cushing WTI, which measures the spot price of oil in the state. The price rose to $109.55 in May, according to the U.S. Energy Information Administration.
Total June gross receipts were down compared to the same period last year, with $1.5 billion reported. The 1.5% decrease is due to a shift in the income tax reporting date in 2021, according to the report. The income tax deadline was moved from April to June due to the COVID-19 pandemic.
June sales and use gross tax receipts are up 10.3% year over year at $578.1 million and are up 13.3% for fiscal year 2022, according to McDaniel.
The state's unemployment rate continues to be below the national average but was up slightly in May, rising from 2.7% in April to 2.8%. The national unemployment average is 3.6%.
The monthly Oklahoma Business Conditions Index declined from 66.1 in May to 63.7 in June. But the state's business outlook is still positive as any number over 50 predicts expansion in the next three to six months, according to the report.
The economic indicators are good signs for the state, according to McDaniel.
"Inflationary forces are a significant concern for consumers, but Oklahoma's macro economy is benefitting from current energy prices and low unemployment," McDaniel said in a statement. "Economic activity remains strong as reflected in sales and use tax receipts."
via Oklahoma's Center Square News