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Oklahoma tax collection from oil and gas companies lowest in 12 years


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 ( ) 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,

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