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A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D.
Economic Report TM
Oklahoma
News and analysis of Oklahoma’s economy
Inside
• Treasurer’s commentary:
Striking energy equilibrium
• No rainy day fund deposit this
year
• Fiscal year receipts up, but
June gross receipts drop below
prior year
• June unemployment rises, May
jobless rate revised upward
Contributor
Regina Birchum, Deputy
Treasurer for Policy/Chief of Staff
Editor
Tim Allen, Deputy Treasurer for
Communications
State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov
Volume 3, Issue 7 • July 31, 2013
SEE ENERGY PAGE 3
Oklahoma has a storied history of boom
and bust, with much of it tied to the oil
and gas industry. With one-third of the
state’s economy directly linked to the
energy industry, Oklahoma’s political
leaders have long sought to encourage
its expansion and protect its health.
One of the more important areas of
focus, especially over the past 20 years,
has been drilling incentives designed to
foster growth and ensure the continued
function of arguably the state’s most
vital economic engine.
The standard gross production tax is
seven percent of the sales price of oil
and natural gas. During the oil boom
of the 1980s, Oklahoma government
depended heavily on the gross
production tax. Tax policy changes
further grew dependence.
When the bust hit in 1982, state
government funding was decimated. For
the next several years, deep spending
cuts were made and income and sales
taxes were raised as the revenue pie was
rebalanced to reduce dependence on the
gross production tax.
Also as a result, the state constitution
was changed to establish a rainy day
fund, place strict limits on government
growth and spending, and to ensure
rational methods were used to estimate
revenues.
Landmark incentives
First enacted in 1963, Oklahoma’s gross
production tax statute has been amended
more than two dozen times, including
at least once each year since 1999. The
most significant changes were made in
1994 with passage of drilling incentives
Energy economics
0
500
1,000
1,500
2,000
2007 2008 2009 2010 2011 2012
660
1,975
254
547
Deep & Horizontal Well Completions
Source: Oklahoma Corporation Commission
Object Description
| Okla State Agency |
Treasurer, Oklahoma State |
| Okla Agency Code |
'740' |
| Title | Oklahoma economic report, 07/31/2013, v.3 no.7 |
| Authors |
Oklahoma. State Treasurer. |
| Publication Date | 2013-07-31 |
| Frequency | Monthly |
| Publication Type | Newsletter |
| Purpose | Energy economics; Deep & Horizontal Well Completions; Treasurer's Commentary by Ken Miller, Striking energy equilibrium; No rainy day fund deposit this year; Fiscal year collections up, but June gross receipts drop below prior year; June unemployment rises; May jobless rate revised upward; |
| For all issues click |
T1400.6 E19r |
| Digital Format | PDF, Adobe Reader required |
| ODL electronic copy | Downloaded from agency website: http://www.ok.gov/treasurer/documents/OER_7-31-13.pdf |
| Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
| Language | English |
| Month/year uploaded | August 2013 |
| Date created | 2015-01-05 |
| Date modified | 2015-01-05 |
| OCLC number | 890225647 |
Description
| Title | OER_7-31-13 1 |
| Full text | A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D. Economic Report TM Oklahoma News and analysis of Oklahoma’s economy Inside • Treasurer’s commentary: Striking energy equilibrium • No rainy day fund deposit this year • Fiscal year receipts up, but June gross receipts drop below prior year • June unemployment rises, May jobless rate revised upward Contributor Regina Birchum, Deputy Treasurer for Policy/Chief of Staff Editor Tim Allen, Deputy Treasurer for Communications State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov Volume 3, Issue 7 • July 31, 2013 SEE ENERGY PAGE 3 Oklahoma has a storied history of boom and bust, with much of it tied to the oil and gas industry. With one-third of the state’s economy directly linked to the energy industry, Oklahoma’s political leaders have long sought to encourage its expansion and protect its health. One of the more important areas of focus, especially over the past 20 years, has been drilling incentives designed to foster growth and ensure the continued function of arguably the state’s most vital economic engine. The standard gross production tax is seven percent of the sales price of oil and natural gas. During the oil boom of the 1980s, Oklahoma government depended heavily on the gross production tax. Tax policy changes further grew dependence. When the bust hit in 1982, state government funding was decimated. For the next several years, deep spending cuts were made and income and sales taxes were raised as the revenue pie was rebalanced to reduce dependence on the gross production tax. Also as a result, the state constitution was changed to establish a rainy day fund, place strict limits on government growth and spending, and to ensure rational methods were used to estimate revenues. Landmark incentives First enacted in 1963, Oklahoma’s gross production tax statute has been amended more than two dozen times, including at least once each year since 1999. The most significant changes were made in 1994 with passage of drilling incentives Energy economics 0 500 1,000 1,500 2,000 2007 2008 2009 2010 2011 2012 660 1,975 254 547 Deep & Horizontal Well Completions Source: Oklahoma Corporation Commission |
| Date created | 2013-08-29 |
| Date modified | 2013-08-29 |
