Oil Tax Revenue Projected to Rise

The state Office of Management and Budget has released new legislative forecasts for revenue generated from oil production.OMB Director Pam Sharp says that this is the first of three forecasts for the 2015-17 biennium and the initial forecast shows an increase of oil tax revenue of $2.2 billion, bringing the total oil tax contribution up to a projected $9.8 billion. Oil tax revenue for the 2013-15 biennium was adjusted upward to $7.48 billion, an increase of $2.2 billion. The new forecasts are based on a crude oil price of $90 per barrel. Read more in The Forum.