OK’s economy expanding, thanks to oil and gas revenue

While inflation remains a concern, Oklahoma’s economy is expanding, thanks to oil and gas revenue. Taxes from gross production topped $2 billion for the first time in any 12-month period, an increase of 12.9 percent from 2022.

For the month of February, gross production taxes on oil and natural gas totaled $124.6 million.

In 2021, Oklahoma was the nation’s fifth largest producer of marketed natural gas and the sixth largest producer of crude oil. Oklahoma’s five crude oil refineries have a combined processing capacity of about 522,000 barrels per calendar day, nearly three percent of the U.S. total refining capacity.

– Staff Report, The Oklahoma 100