Processing Magazine

Oklahoma’s oil patch boosts state revenues

November 16, 2011

OKLAHOMA CITY — Increased oil production in Oklahoma’s oil patch has provided the state with an unexpected boost in income, according to Office of State Finance Directory Preston Doerflinger.

The state’s General Revenue Fund received a $7.6 million deposit from oil gross production taxes in October after the cap of $150 million was reached for funds earmarked principally to education.

"We saw increases in all major sources of revenue in October and the General Revenue Fund received a deposit from gross production oil taxes two months earlier than occurred in 2010," Doerflinger said. "Increased production in the oil patch, combined with the addition of thousands of manufacturing jobs in the last several months, are among the main reasons our economy is performing stronger than most other states.”