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GasBuddy News Article

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Decline in energy taxes slows Okla. growth rate

CBS News -- OKLAHOMA CITY - Oklahoma's economy is showing positive signs, but declining revenue from oil and natural gas production continues to place a drag on revenue flowing into state coffers, Treasurer Ken Miller said on Thursday.

The latest figures on gross receipts show collections of taxes on oil and gas production in June dropped more than 42 percent compared with June 2011. It was the seventh consecutive month that gross production tax collections fell compared with the same month of the previous year. When combined with a 5.4 percent drop in personal income tax collections in June, the overall collections were


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Submitted Jul 06, 2012 By: drpepperTX
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Decline in energy taxes slows Okla. growth rate Back to Topics
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BoerneWatch
Champion Author San Antonio

Posts:18,091
Points:3,005,240
Joined:Oct 2005
Message Posted: Jul 7, 2012 9:42:48 AM

Over the past several years we have seen local poor ranchers become multi-millionaires overnight as they sign oil and gas leases.

At the same time, counties and school districts have also been given an unexpected cash influx.

The difference?

The individuals for the most part are setting aside reserves to live off in the future and other than building fences, barns and updating their properties. When the oil and gas are depleted and the money stops coming in, they will still live a comfortable life.

The counties and school districts? Well, they have an insatiable appetite for other people's money and they are spending it like there is no tomorrow.

So Oklahoma is getting less money. Instead of living off the return of investment, they will eventually resort to raising tax rates which will eventually put them in a "Greece" position.
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tomok
Champion Author Portland

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Message Posted: Jul 7, 2012 3:54:43 AM

EV's, Inbreds and higher MPG vehicles are being driven, there will be less fuel to tax and less income from taxes. Big oil will always find a way to keep fuel prices high and their income high. Less state income, less money to spend. - so budget carefully!
Whatever the size or shape of the vehicle, Produce and ‘Drive’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. Consider using other forms of less expensive transportation to lower your cost.
The price of fuel at the pump is too high!
12/22/2012!
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AKmailman
Champion Author Alaska

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Message Posted: Jul 7, 2012 12:53:26 AM

The down side to cheap oil
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carman11
Champion Author North Carolina

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Message Posted: Jul 6, 2012 11:40:06 PM

Hay I have the democrats answer. Raise taxes, what an interesting solution!!!
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singlemom27
Champion Author Ventura

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Message Posted: Jul 6, 2012 11:30:04 PM

Oh well; I guess OK will need to find another way to rip off residents and tourists.
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cdog24
Champion Author Virginia

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Message Posted: Jul 6, 2012 11:25:23 PM

4
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cdog24
Champion Author Virginia

Posts:1,468
Points:1,001,570
Joined:Apr 2011
Message Posted: Jul 6, 2012 11:24:57 PM

3
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cdog24
Champion Author Virginia

Posts:1,468
Points:1,001,570
Joined:Apr 2011
Message Posted: Jul 6, 2012 11:24:26 PM

3
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bonzoonfmb
Champion Author Florida

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Message Posted: Jul 6, 2012 11:24:07 PM

I don't see myself ever going to OK. Maybe around.
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cdog24
Champion Author Virginia

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Message Posted: Jul 6, 2012 11:24:02 PM

2
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Vette1967
Champion Author Albany

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Message Posted: Jul 6, 2012 11:23:42 PM

Time to rethink how this money can be better spent knowing there isn't as much of it to spend.
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cdog24
Champion Author Virginia

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Message Posted: Jul 6, 2012 11:23:34 PM

1
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malfrog1
Champion Author South Bend

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Message Posted: Jul 6, 2012 11:23:14 PM

o k make it work.
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Blue_Cruzer
Champion Author Lexington

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Message Posted: Jul 6, 2012 11:22:57 PM

Old story.
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langolera
Champion Author Akron

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Message Posted: Jul 6, 2012 11:20:44 PM

old news
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farn1958
All-Star Author Twin Cities

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Message Posted: Jul 6, 2012 11:07:43 PM

?
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DEG
Champion Author Las Vegas

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Message Posted: Jul 6, 2012 11:01:48 PM

Vote Obama out and increase domestic production.
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HawaiianGuy
Champion Author Idaho

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Message Posted: Jul 6, 2012 10:59:53 PM

Well, then, make like Obama and stick your head in the sand and hope that someone...ANYONE, fixes the problem.
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69Bonne
Champion Author Gary

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Message Posted: Jul 6, 2012 10:55:30 PM

Watch out.
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ROSYMI
Champion Author Michigan

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Message Posted: Jul 6, 2012 10:54:42 PM

ok
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FlyNFool
Champion Author South Carolina

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Message Posted: Jul 6, 2012 10:52:38 PM

oops!
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bevmill
Champion Author Georgia

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Message Posted: Jul 6, 2012 10:50:48 PM

ok
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unclemattie
Veteran Author Atlanta

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Message Posted: Jul 6, 2012 10:50:01 PM

I say decrease ALL taxes. Income, fuel, tolls, etc.
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pgerassi
Champion Author Milwaukee

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Message Posted: Jul 6, 2012 10:48:11 PM

ok
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NhCobra
Sophomore Author New Hampshire

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Message Posted: Jul 6, 2012 10:48:07 PM

Less tax revenues to govt? Good. Best they learn to spend less instead of borrowing more.
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walkingtall
Champion Author Toronto

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Message Posted: Jul 6, 2012 10:47:04 PM

That's life,more jobs would fix the problem.
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umitb
Champion Author Indianapolis

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Message Posted: Jul 6, 2012 10:42:51 PM

ok
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DUKE_CITY
Rookie Author Albuquerque

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Joined:Oct 2005
Message Posted: Jul 6, 2012 10:40:21 PM

It's life.
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Rajah
Champion Author Illinois

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Message Posted: Jul 6, 2012 10:37:24 PM

Toll roads are very irritating. They slow me down at the toll stations and I've paid enough various taxes that the roads should be free of that nonsense. It's especially maddening around Chicago where "Hot Rod" doubled the tolls for us folks who don't live in the area and who don't have transponders.
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vibdata
Champion Author Massachusetts

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Message Posted: Jul 6, 2012 10:36:25 PM

Blame it all on the oil and gas taxes. That way you can charge much more and increase the gas prices. This will then increase inflation to a point where no one will be able to buy anything. Good thinking.
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mstearno
Champion Author Dayton

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Message Posted: Jul 6, 2012 10:33:55 PM

more jobs would fix this

remember Obama is got a laser eye on the economy....
thank goodness he cares.....LOL
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Bezalel
Champion Author Oklahoma City

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Message Posted: Jul 6, 2012 10:31:16 PM

We have some surpluses. Not putting all your eggs in one basket could mean having more toll roads. Oklahoma has more miles of toll road per capita than any other state and second in total miles to NY.
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rozellep2
Veteran Author Illinois

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Message Posted: Jul 6, 2012 10:26:42 PM

Ok
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iceman11
Champion Author Ontario

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Message Posted: Jul 6, 2012 10:26:23 PM

Ok
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Ray_10589
Champion Author New York

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Message Posted: Jul 6, 2012 10:25:16 PM

repeat
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Tracer2008
All-Star Author Alberta

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Message Posted: Jul 6, 2012 10:21:09 PM

Don't put all your eggs in one basket...
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gobux10
Champion Author Ohio

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Message Posted: Jul 6, 2012 10:20:29 PM

give and take
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ExplorerWA
Champion Author Washington

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Message Posted: Jul 6, 2012 10:19:56 PM

Looks like they will have to raise taxes.
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weenerdog
Champion Author Detroit

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Message Posted: Jul 6, 2012 10:14:11 PM

goodness
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bonzoonfmb
Champion Author Florida

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Message Posted: Jul 6, 2012 10:11:37 PM

You are lucky to have gotten what you did.
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Crumbfel
Champion Author Virginia

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Message Posted: Jul 6, 2012 10:10:45 PM

Check
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tco9436
Champion Author Connecticut

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Message Posted: Jul 6, 2012 10:09:35 PM

leze medical marijuana like every other state having money issues! it seem to work for them, or does it?
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Goofoff
Champion Author Virginia

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Message Posted: Jul 6, 2012 10:06:59 PM

Okay I read it
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a_lu_vasile
Champion Author Maryland

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Message Posted: Jul 6, 2012 10:06:31 PM

ok
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abcdMA
Champion Author Worcester

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Message Posted: Jul 6, 2012 9:56:04 PM

too bad for them that they relied so much on petroleum to fund the state
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GRUMPY55
Champion Author California

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Message Posted: Jul 6, 2012 9:55:15 PM

ok
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grandamgt1
Champion Author Illinois

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Joined:Apr 2008
Message Posted: Jul 6, 2012 9:53:31 PM

That's what happens when you put all your eggs in one basket.
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aarrrt
Champion Author San Diego

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Message Posted: Jul 6, 2012 9:50:18 PM

Guess they'll have to raise taxes. What else do our elected officials know?
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GLM4205
Champion Author Toledo

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Message Posted: Jul 6, 2012 9:49:41 PM

So what then?
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jlisk1970_us
Champion Author St. Louis

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Joined:Feb 2012
Message Posted: Jul 6, 2012 9:49:18 PM

should help them now. Prices going up
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