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What is the oil and gas conservation tax rate?

The tax rate depends on the product:

  • On oil, and also on oil and other liquid hydrocarbons removed from natural gas at or near the wellhead, the base rate is nineteen-hundredths percent of the taxable value (0.19%). Effective for the July 2010 production and quarterly thereafter, the rate will increase to twenty-four hundredths percent (0.24%) if the price of West Texas intermediate crude in the previous calendar quarter exceeds $70 per barrel
  • On natural gas, carbon dioxide, helium and non-hydrocarbon gases, the rate is nineteen-hundredths percent of the taxable value (0.19%).
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