The price of oil and gas dipped but total revenue for the state government in February showed growth – a trend that has stretched back for the past 23 months.

State Treasurer Randy McDaniel said February receipts of $971.5 million are 10.7 percent higher than collections from the same month of last year.

“Oklahoma’s economic expansion continues, and so far is not showing a major impact from the volatility in energy prices,” McDaniel said. “My hope is that during these times of revenue growth, state policymakers will find ways to save for the future needs of our state.”

Taxes from the production of crude oil and natural gas generated $105.7 million in February, up by more than 58 percent from a year ago, before the incentive tax rate was raised. However, February oil and gas collections are also $5.6 million, or 5.6 percent, higher than January receipts, which include the increased incentive tax rate.

February gross production tax payments reflect oil field activity in December, when West Texas Intermediate crude oil at Cushing averaged $49.52 per barrel. Oil prices are down by more than $21 per barrel, or 30 percent, from the most recent peak last July.

All major revenue streams in February show higher collections than those of a year ago, continuing a growth trend that began in April 2017.

Total collections from the past 12 months are up by more than 12 percent over the prior 12 months and have reached a new record high of almost $13.2 billion. During the past 12 months, all major revenue sources show growth ranging from 4 percent in motor vehicles tax collections to almost 80 percent in gross production receipts.

Revenue generated by increased tax rates approved in House Bill 1010 during special session last year – the largest tax increase in state history – added $50.7 million to monthly collections, 5.2 percent of all February gross receipts.

The largest amount, $33.1 million, came from the increase in the incentive tax rate on oil and natural gas gross production. Higher tax rates on gasoline and diesel fuel generated $7.1 million, and the $1 per pack hike in cigarette taxes added $10.5 million to February’s total.

February gross collections total $971.5 million, up $94.2 million, or 10.7 percent, from February 2018.

Individual income tax collections for the month are $279.3 million, up by $10.9 million, or 4 percent, from the prior year. Corporate collections are $11.2 million, an increase of $5.9 million, or 112.7 percent.

Sales tax collections total $368.7 million in February. That is $5.6 million, or 1.5 percent, more than February 2018.

Gross production taxes on oil and natural gas generated $105.7 million in February, an increase of $38.9 million, or 58.3 percent, from last February. Motor vehicle taxes produced $57.2 million, up by $4 million, or 7.5 percent, from the same month of 2018.

Other collections, consisting of about 60 different sources including use taxes, along with taxes on fuel, tobacco, and alcoholic beverages, produced $149.4 million during the month. That is $28.9 million, or 24 percent, more than last February.

Gross revenue totals $13.2 billion from the past 12 months. That is $1.4 billion, or 12.3 percent, more than cthe previous 12 months.