Tax collections from oil and natural gas production continue to increase even as sales and income tax receipts remain in the doldrums of the 2-year energy industry decline, state Treasurer Ken Miller said Wednesday.
“It would appear our anchor industry is making slow but steady improvement, while the spillover effect of the long energy price downturn on income and consumer spending is ongoing,” Miller said. “My hope is that we will begin to see overall improvement with renewed oil field activity following OPEC’s plans to cut production levels and bring supply more in line with demand.”
Oil and gas production taxes in November surpassed collections from the same month last year. October’s collections were also higher than last year. Before that, gross production tax receipts had been lower than the prior year each month since December 2014.
In November, gross production taxes generated $34.1 million, up by $3.9 million, or 12.9 percent, from November 2015.
