State tax collections rise 38% from last year, led by oil & gas

OKLAHOMA CITY (AP) — Oklahoma Treasurer Randy McDaniel says tax collections in April rose by 38% from April 2020.

McDaniel said on Thursday that collections totaled $1.49 billion, led by a $73 million, or 120.3%, increase in oil and natural gas taxes. McDaniel said the oil and gas revenue reflect production during February when natural gas prices spiked during the record cold snap and crude oil prices were rising.

McDaniel says the increased collections indicate rising consumer confidence and optimism in the economy.