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Office of State Finance - April 2011 Revenues Collections Boosted by Increased Sales Income and Oil Taxes
file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/April_2011_Revenues_Collections_Boosted_by_Increased_Sales_Income_and_Oil_Taxes.html[9/21/2012 10:03:58 AM]
Office of State Finance
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Home / News / April 2011 Revenues Collections Boosted by Increased Sales Income and Oil Taxes
News Release
PRESTON L. DOERFLINGER
Secretary of Finance and Revenue
OSF Director
MARY FALLIN
Governor
May 9, 2011
For Immediate Release
Media Contact:
RON JENKINS
Public Information Officer
Oklahoma Office of State Finance
(405) 521-3267
APRIL REVENUE COLLECTIONS BOOSTED BY INCREASED SALES, INCOME AND OIL
TAXES
OKLAHOMA CITY — A resurgence in the Oklahoma oil patch is aiding Oklahoma’s economic recovery and state revenue
collections, Preston Doerflinger, director of the Office of State Finance, said Monday as he released the OSF’s General Revenue
Fund report for April.
Low natural gas prices continued to be a drag on both gross production and total GRF collections, but sales taxes and income
taxes were up again, along with collections from oil.
Oil provided $26.1 million in April to the state’s General Revenue Fund (GFR) for the current fiscal year, and that revenue will
likely wind up in the state’s constitutional Rainy Day Fund, said Doerflinger, secretary of finance. The GFR gets 81.4 percent of
oil funds once dedicated revenue hits specified caps.
The uptick in oil patch activity was illustrated last week when the number of energy rigs operating in the state increased by
nine to 183, an increase of 50 percent from a year ago. The Oklahoma rig count increase was half of the nation’s total of 18.
"Industry giants like Devon and Chesapeake report to us that they are pursuing drilling activity across the state and
concentrating on extracting oil and liquid fuels, sometimes in places that haven’t seen oil rigs in decades," Doerflinger said.
One industry spokesman said improved drilling techniques, including those used to extract natural gas from shale foundations,
are allowing companies to drill for oil that previously was too costly to recover. The spokesman said the good thing about the
resurgence in drilling activity is that it has great potential to be sustained.
Doerflinger cited a recently released report from the American Petroleum Institute which said the oil and gas industry directly
supports 111,461 jobs in Oklahoma and more than a quarter of the state’s economy.
Oklahoma Unemployment Security Commission data indicates significant growth in recent months in mining employment, which
include oilfield jobs. Overall, the state’s jobless rate fell to 6.1 percent in March, compared with 7.3 percent in March last year.
"Historically, this industry has been the engine for economic growth in communities across the state," Doerflinger said. "The
goods and services it buys and the high-paying jobs it provides help bolster sales and income tax collections. It also
contributes tens of millions of dollars in gross production taxes that go to three state education funds, local schools, county
roads and bridges and other areas."
"More than once over the years, the petroleum industry has allowed Oklahoma to survive, and even thrive, during national
recessions."
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You are viewing an archived web page, collected at the request of Oklahoma Department of Libraries using Archive-It. This page hide
was captured on 19:00:46 May 23, 2011, and is part of the Finance, Oklahoma Office of State collection. The information on this
web page may be out of date. See All versions of this archived page.
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| Title | April_2011_Revenues_Collections_Boosted_by_Increased_Sales_Income_and_Oil_Taxes 1 |
| Full text | Office of State Finance - April 2011 Revenues Collections Boosted by Increased Sales Income and Oil Taxes file:///Y|/News_Letters/Newsletters/Revenue%20Report%20OSF/April_2011_Revenues_Collections_Boosted_by_Increased_Sales_Income_and_Oil_Taxes.html[9/21/2012 10:03:58 AM] Office of State Finance Share | Print Home / News / April 2011 Revenues Collections Boosted by Increased Sales Income and Oil Taxes News Release PRESTON L. DOERFLINGER Secretary of Finance and Revenue OSF Director MARY FALLIN Governor May 9, 2011 For Immediate Release Media Contact: RON JENKINS Public Information Officer Oklahoma Office of State Finance (405) 521-3267 APRIL REVENUE COLLECTIONS BOOSTED BY INCREASED SALES, INCOME AND OIL TAXES OKLAHOMA CITY — A resurgence in the Oklahoma oil patch is aiding Oklahoma’s economic recovery and state revenue collections, Preston Doerflinger, director of the Office of State Finance, said Monday as he released the OSF’s General Revenue Fund report for April. Low natural gas prices continued to be a drag on both gross production and total GRF collections, but sales taxes and income taxes were up again, along with collections from oil. Oil provided $26.1 million in April to the state’s General Revenue Fund (GFR) for the current fiscal year, and that revenue will likely wind up in the state’s constitutional Rainy Day Fund, said Doerflinger, secretary of finance. The GFR gets 81.4 percent of oil funds once dedicated revenue hits specified caps. The uptick in oil patch activity was illustrated last week when the number of energy rigs operating in the state increased by nine to 183, an increase of 50 percent from a year ago. The Oklahoma rig count increase was half of the nation’s total of 18. "Industry giants like Devon and Chesapeake report to us that they are pursuing drilling activity across the state and concentrating on extracting oil and liquid fuels, sometimes in places that haven’t seen oil rigs in decades," Doerflinger said. One industry spokesman said improved drilling techniques, including those used to extract natural gas from shale foundations, are allowing companies to drill for oil that previously was too costly to recover. The spokesman said the good thing about the resurgence in drilling activity is that it has great potential to be sustained. Doerflinger cited a recently released report from the American Petroleum Institute which said the oil and gas industry directly supports 111,461 jobs in Oklahoma and more than a quarter of the state’s economy. Oklahoma Unemployment Security Commission data indicates significant growth in recent months in mining employment, which include oilfield jobs. Overall, the state’s jobless rate fell to 6.1 percent in March, compared with 7.3 percent in March last year. "Historically, this industry has been the engine for economic growth in communities across the state," Doerflinger said. "The goods and services it buys and the high-paying jobs it provides help bolster sales and income tax collections. It also contributes tens of millions of dollars in gross production taxes that go to three state education funds, local schools, county roads and bridges and other areas." "More than once over the years, the petroleum industry has allowed Oklahoma to survive, and even thrive, during national recessions." FAQs Contact OSF-Alerts CORE Calendar RSS Feeds AdministrationInformation Services Budget Comptroller CORE OSF Forms Recovery News Careers You are viewing an archived web page, collected at the request of Oklahoma Department of Libraries using Archive-It. This page hide was captured on 19:00:46 May 23, 2011, and is part of the Finance, Oklahoma Office of State collection. The information on this web page may be out of date. See All versions of this archived page. |
| Date created | 2012-09-24 |
| Date modified | 2012-09-24 |
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