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August 5, 2013

12-month Okla. gross receipts reach all-time high

OKLAHOMA CITY —

Oklahoma treasurer Ken Miller says 12-month gross receipts to the state treasury are at an all-time high.

Miller said Monday that gross receipts for the past 12 months totaled $11.3 billion. That’s $12.6 million above the previous record high set in December 2008.

Miller says that 12-month gross receipts hit a trough in February 2010 of $9.4 billion. Since then, collections have grown by more than $1.9 billion or 21 percent.

“By at least this one measure, Oklahoma has regained and moved past the ground it lost during the Great Recession,” Miller said. “The revenue recovery – from peak to peak – took four years and seven months.”

Miller says that the state’s gross receipts indicate the state has moved beyond the financial ground it lost during the Great Recession. The revenue recovery, from peak to peak, took four years and seven months.

Gross receipts in July were strong, totaling almost $924 million, up by $69 million or more than 8 percent from July of last year.

Monthly receipts from oil and natural gas severance taxes are higher than collections from the prior year for a third consecutive month, following more than a year of negative reports. This week’s Baker Hughes report showed 168 development wells underway in Oklahoma, with 149 for oil and 19 for natural gas. Of those, 152 are horizontal and 13 are deeper than 15,000 feet.

Oklahoma’s employment picture remains better than the national average. June state unemployment was set at 5.1 percent, compared to the U.S. rate of 7.6 percent for the same month.

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