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Posted: 1:04 PM Feb 3, 2012
Treasurer: Low natural gas price cause for concern
OKLAHOMA CITY,OK (AP) - Oklahoma Treasurer Ken Miller says low natural gas prices could slow the growth of state revenue in spite of rising income and sales taxes as well as other sources of revenue.
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OKLAHOMA CITY (AP) - Oklahoma Treasurer Ken Miller says low natural gas prices could slow the growth of state revenue in spite of rising income and sales taxes as well as other sources of revenue.
Miller said Thursday that gross production taxes on oil and natural gas generated $68.7 million in January, a decline of almost $5.5 million from January 2011. He says the reason is natural gas prices are below estimates on which the state budget is based.
The cost of natural gas was expected to be $4 per thousand cubic feet. But Miller says today's price is $2.50 per thousand cubic feet and prices are not expected to rise.
He says other segments of the state's economy performed well in January and the economy showed overall growth for the 23rd consecutive month.
(Copyright 2012 The Associated Press. All rights reserved.)
