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Tuesday, April 13, 2021

Oklahoma oil and gas trade groups support industry tax hike

OKLAHOMA CITY (AP) — Two of Oklahoma’s largest oil and natural gas industry trade groups say they support a plan to increase the state’s energy production tax as part of a broad tax plan to help fund a teacher pay raise and stabilize state revenues.

The Oklahoma Independent Petroleum Association and the Oklahoma Oil and Gas Association both announced Tuesday they were backing the plan unveiled last week by a group of state business and civic leaders.

The group “Step Up Oklahoma” endorsed a broad swathe of tax hikes last week to support a $5,000 teacher pay raise, along with some other policy changes. Included in the package was a proposal to increase the gross production tax on new oil and gas wells from 2 percent to 4 percent.

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