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Oil and Gas Boom

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StateImpact on OETA: Oklahoma Oil Hub Overflowing With U.S. Crude

Low oil prices have led the U.S. energy industry to stockpile crude instead of selling it at discount rates. A lot of that hoarding is happening at a major oil hub in Cushing, Okla., which is holding record amounts of crude could fill up — for the first time ever.

Oklahoma Running Out of Room for Oil as U.S. Hoards Crude in Cushing Hub

A tanker truck pulling into a terminal at the oil hub in Cushing, Okla.

A booming U.S. oil industry has led to near-record amounts of oil production, which has helped drive down oil prices. The energy industry has responded by storing crude instead of selling it at discount rates. That has created a unique situation in Oklahoma, where a major oil storage hub is on track to fill up — completely.

Now Showing: Oil Downturn’s Effect on Oklahoma Employment Numbers

Rig Worker

Oklahoma lost about 500 mining industry jobs between December and January, data from the Oklahoma Employment Securities Commission show. Almost all in-state “mining” jobs are actually in oil and gas drilling, The Journal Record‘s Sarah Terry-Cobo reports. And while the job losses haven’t yet affected the state’s unemployment rate, currently 3.9 percent, oil sector employment [...]

Bills Filed to Stop Local Bans on Oil and Gas Production

Several bills filed for the upcoming 2015 legislate session rein in the power cities and counties have to regulate drilling and oil and gas production. The Oklahoman‘s Paul Monies reports: At least eight bills have been filed that would stop cities and counties from banning drilling operations, including proposals from top leaders in the House [...]

Oklahoma Earthquake Rate is High, But Holding Steady

QuakeMarksPic

Oklahoma experienced more earthquakes than California in 2014, but the rate and severity of the shaking “has held relatively flat over the past 12 months,” The Oklahoman’s Adam Wilmoth reports. “It looks like we’re at about the same rate now as we were last year at this point,” Oklahoma Geological Society seismologist Austin Holland said. [...]

Engineering Students at Oklahoma Universities Anxious About Low Oil Prices

The price of crude oil has plummeted below $50 a barrel, and while there are varying opinions and analyses on whether the downturn will be short slump or a long slog, students in Oklahoma who are enrolled in engineering disciplines are starting to worry that low oil prices could affect their future job prospects. Students [...]

How Low Oil Prices Could Block an Oklahoma Tax Cut

ok-pumpjack

Gov. Mary Fallin in April 2014 signed into law a measure designed to gradually lower Oklahoma’s top income tax rate to 4.85 percent from 5.25 percent. But those income tax cuts only go into effect if Oklahoma’s revenues rise, and the slumping price of crude oil — $63.57 per barrel of West Texas Intermediate at [...]

What Oklahoma Can Learn From a Municipal Ban on Fracking in Texas

Driven by water worries, safety questions and quality of life concerns, residents in Oklahoma and states other the country have pushed for citywide bans on hydraulic fracturing. Many of those efforts have proved successful, but, in the end, fracking bans might be more about lawyers than voters.

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