April Economic Outlook Shows Strong Energy Revenues Amid Ongoing Inflation Pressures
State Treasurer Todd Russ today released the April 2026 Economic Outlook Report, highlighting continued strength in Oklahoma’s energy sector, stable labor market conditions, and sustained state revenue growth despite ongoing inflationary pressures and broader economic uncertainty.
The report shows Gross Production Tax collections remained strong in April, supported by elevated oil prices and steady energy production activity. Income tax and sales tax collections also posted significant gains compared to the previous month, reflecting continued economic activity across the state.
“April’s economic data reflects continued resilience in Oklahoma’s economy, supported by strong energy revenues, steady labor market conditions, and improving market performance,” said Treasurer Russ. “At the same time, persistent inflationary pressures and softer manufacturing activity remind us that economic uncertainty remains. We will continue monitoring these trends closely while maintaining a disciplined and forward-looking approach to the state’s financial outlook.”
According to the report, crude oil prices climbed above $100 per barrel for the first time since 2022, showing sustained activity across Oklahoma’s oil and natural gas sector. The report notes that producers remain focused on efficient output while benefiting from stronger pricing conditions.
The report also highlights several national economic trends impacting Oklahoma consumers and businesses:
- Inflation remains elevated, with the Personal Consumption Expenditures (PCE) index rising 3.5% in March and the Consumer Price Index (CPI) posting its 13th consecutive monthly increase in April.
- Oklahoma’s Business Conditions Index signaled modest improvement in manufacturing activity during April. New orders continued to expand, while manufacturing employment and inventories remained weak.
- Labor market conditions remained stable, with Oklahoma’s unemployment rate holding at 3.9%, below the national rate of 4.3%.
- Mortgage rates eased slightly through the end of April, although affordability concerns continue to impact housing demand.
National markets rebounded during the month as investors responded positively to corporate earnings and expectations surrounding future Federal Reserve policy decisions. However, the report cautions that inflationary pressures and market volatility continue to create uncertainty for the broader economy.
