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Report Shows State Economy Continues to Expand (Jul 05, 2011)

OKLAHOMA CITY (AP) — Oklahoma's treasurer says the state's economy continues to improve at an "accelerating pace," with gross receipts for the month of June outpacing last year's collections by more than 15 percent.

Figures released Tuesday by Treasurer Ken Miller show gross receipts for every major tax collection category in June exceeded the amount collected in June 2010. His report shows gross collections topped $1 billion, an increase of more than $134 million, or $15.5 percent, from the same time last year.

Miller says much of the growth can be attributed to the state's oil and gas industry. He says current collections reflect drilling activity from a few months ago when oil topped $100 per barrel. The price of oil Tuesday settled at $96.89 per barrel on the New York Mercantile Exchange.

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