“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.”
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.