Oklahoma Oil And Gas Industry Essay
This paper explains Oklahoma’s thriving oil and gas industry and the effects of dropping oil prices could have on Oklahoma’s energy driven economy. Growth in Oklahoma’s oil and gas industry has greatly increased the strength and competitiveness of Oklahoma 's economy. The oil and gas industry in the great state of Oklahoma has doubled in size the past decade. This significant growth has contributed to faster state employment growth, an increase in population, large income gains, and surge in tax revenue to the state. Oklahoma oil and gas industry continues to have an outsized influence on overall Oklahoma’s state economic activity. However falling crude oil prices are raising concern about Oklahoma economic future in the oil and gas industry.
Economy and Job Market: Oklahoma Oil and Gas Industry
Oklahoma is defined by its oil and gas industry. Oklahoma State Chamber has stated ..."Oil and gas firms account for only 3.2% of all business establishments but hire 5% of wage and salary workers, produce 10% of state GDP, and generate 13.5% of total earnings statewide" (Chamber 2014). Oil and natural gas exploration and production is included in the mining sector; oil refining is part of the manufacturing sector; pipeline operations are included in the transportation sector; natural gas distribution is in the utilities sector; and oil marketing is considered part of the wholesale and retail trade sector.
Oil and gas served as the state’s primary job engine for the…