Secretary of Finance: Don’t be Alarmist About Gas, be Optimistic About Oil

• Joe Wertz
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  Joe Wertz was a reporter and managing editor for StateImpact Oklahoma from 2011-2019. He reported on energy and environment issues for national NPR audiences and other national outlets. He previously worked as a managing editor, assistant editor and staff reporter at several major Oklahoma newspapers and studied journalism at the University of Central Oklahoma.

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Low natural gas prices are a worry, but they shouldn’t lead to a state budget hole, says Secretary of Finance Preston Doerflinger.

“In fact, we’re expecting to end this fiscal year with a surplus that could exceed $300 million,” he said in a statement.

Why? Mostly because of oil.

“”We’ve seen record sales tax collections this year, no doubt driven in part by the boom in the oil patch, which has been spurred by enhanced drilling techniques,” Doerflinger said. “The economic activity generated by the upsurge in the oilfields, plus growth in other areas of our economy, should easily offset any revenue loss from declining natural gas tax collections.”