Signs of oil and gas growth strengthening Oklahoma economy

(Center Square) – The Oklahoma economy continues to recover as the oil advertising gas industry recovers from last year’s covide-led recession.

The Oklahoma state government has collected $ 14.7 billion in receipts over the past 12 months, indicating economic growth, according to the Treasury Department. Every major revenue stream in the state, excluding motor vehicles, continues to grow.

“Natural gas continues to play an important role in Oklahoma’s future,” Tom Rider, executive director of the Oklahoma Gas Association, told Center Square.

Members of the Oklahoma Gas Association are not on the production side – this has a huge impact on the state’s revenue.

If oil prices continue to rise from $ 68 a barrel in August, revenues, distribution, and jobs will also increase, indicating sustainable economic growth in the future.

According to the rider, natural gas will continue to be a viable and economical driver for years to come.

“Right now, the industry is looking for alternative fuels, especially hydrogen and waste methane,” Reder said. “Natural gas is a very important part of the ‘green’ discussion. One of the issues that all regions should take is to change how natural gas is managed nationally,” Reder said. “If energy is a national priority, it should not be the number one source of fuel (for electricity and heating).”

While the current rise in oil and gas prices seems to be benefiting the economy, the question remains as to whether the state can rely on one industry for its economic security.

“From a personal point of view, no government economy should be run by one or two economic drivers,” Reader said. “Oklahoma needs to increase its energy production (wind, solar, and hydrogen) and find ways to develop high-level commercial and industrial development.”

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