Oklahoma

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Oil Downturn 2014

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Governor Signs Bill to Bank Booming Revenue to Fund State During Oil Busts

Gov. Mary Fallin speaking at the 2013 Governor's Energy Conference in Tulsa, Okla.

Gov. Mary Fallin on Friday signed into law legislation that banks boom-time tax revenues to cushion the state during energy downturns. The Energy Revenues Stabilization Act was created through House Bill 2763, authored by Rep. John Montgomery, R-Lawton. The measure siphons off above-average tax revenues levied on corporations and oil and gas production and saves [...]

The Promise and Peril of $1 Gasoline in Oil-Rich Oklahoma

Gene Howell, an employee at Reeder's Auto and Tire in midtown Tulsa, Okla.

“It makes anybody happy when they get something for a lesser price,” he says. “Now, of course, that has all kinds of repercussions on the other side, you know, in a state like Oklahoma, where a lot of the tax revenues come from it.”

Plummeting Oil Prices Have Pushed Oklahoma Into a ‘Mini-Recession’

Workers uncap a well in the western Oklahoma oil field in 2014.

Slumping oil prices have fueled thousands of job losses in big energy states like Oklahoma, which is “gripped by a mini-recession,” economist Mark Snead tells the Journal Record‘s Kirby Lee Davis: “The notion that Oklahoma has diversified away from oil and gas is, at this point, many, many years away,” he said.

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 [...]

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