Oklahoma revenue grows by more than $1.5 billion in 2018
OKLAHOMA CITY (AP) —
Oklahoma's treasurer says state revenue increased by more than $1.5 billion in 2018, driven largely by dramatic increases in revenue from oil and natural gas production.
Treasurer Randy McDaniel said Wednesday that state revenue was slightly less than $13 billion last year, about 13 percent higher than collections in 2017.
McDaniel says every major revenue stream grew in 2018 at rates ranging from 84 percent for gross production taxes on oil and gas to 2.5 percent for motor vehicle taxes. Oil and gas revenue totaled $988 million last year, up by $451 million in 2017.
McDaniel says higher state revenue reflects a strong economy. He says the state also benefited from increased tax rates approved by the Legislature last year to help fund teacher pay raises and public education.
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