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Oil Production, Prices
January 2025
Biennial Revenue Estimate
Oil Production, Prices
and Tax Collections
Oil production tax collections are the product of two factors: price and production. The price of oil during the past two decades is a study in volatility, and natural gas prices also have seen swings. Of note: Oil production is no longer tightly tied to rig count. Horizontal drilling and improved fracking techniques now allow companies to produce more oil with fewer rigs. From fiscal 2014 through 2024, the number of active rigs decreased by 65 percent, yet oil production increased by 92 percent during that time period.
Oil Production
Crude Oil Tax Collections
Average Oil Rig Count
NYMEX Oil Price
View data.
| Fiscal Year | NYMEX Oil Price | Production (billions of barrels per day) | Crude Oil Tax Collections (billions of dollars) | Average Oil Rig Count |
|---|---|---|---|---|
| 2014 | $101.05 | 0.89 | $3.87 | 757 |
| 2015 | $65.93 | 1.08 | $2.88 | 586 |
| 2016 | $41.40 | 1.03 | $1.70 | 243 |
| 2017 | $48.77 | 1.07 | $2.11 | 324 |
| 2018 | $60.58 | 1.29 | $3.39 | 445 |
| 2019 | $59.62 | 1.56 | $3.89 | 467 |
| 2020 | $45.46 | 1.61 | $3.23 | 306 |
| 2021 | $54.49 | 1.43 | $3.45 | 156 |
| 2022 | $89.90 | 1.54 | $6.36 | 269 |
| 2023 | $79.08 | 1.66 | $5.93 | 326 |
| 2024 | $79.90 | 1.73 | $6.30 | 268 |
| 2025* | $69.50 | 1.75 | $5.54 | 251 |
| 2026* | $71.12 | 1.77 | $5.71 | 253 |
| 2027* | $75.96 | 1.77 | $6.13 | 254 |
* Note: Values for fiscal years 2025, 2026 and 2027 are estimated in the 2026-27 Biennial Revenue Estimate.