Oklahoma Independent Petroleum Association President Mike Terry released the following statement regarding state Treasurer Ken Miller’s report on the state economy:
“Increasing gross production tax collections are proof of a vibrant and growing oil and gas industry that is driven by Oklahoma-based companies. Increased drilling across Oklahoma has pushed oil production to 20-year highs, and the state benefits from that in the form of increased taxes.
“Policymakers must continue to encourage investment in Oklahoma’s oilfields. With 22 percent of all taxes paid in the state coming directly from the oil and natural gas industry, our state is dependent on the oil and gas industry. Double-digit growth in tax collections will only continue if independent producers continue to drill new wells.”
Founded in 1955, the OIPA is the state’s largest oil and gas advocacy group, representing more than 2,700 members in the crude oil and natural gas exploration/production industry or affiliated businesses.
