OKLAHOMA CITY — The gross production tax revenue for Oklahoma's oil and gas industry has dropped to lowest level in more than a dozen years.
The Oklahoman (http://bit.ly/1O52s0l ) reports that the new revenue data for March was released Monday. State Treasurer Ken Miller said the tax collections fell to $39.6 million for the month, lowest since September 2002, when $32.5 million was reported. Millers said the data is based on January oil-field activity when West Texas Intermediate Crude Oil sold for an average price of $47.66 a barrel. The price is now above $51.
Miller and energy industry leaders predict that oil prices will rebound next year.
Information from: The Oklahoman, http://www.newsok.com