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Oklahoma says economic recovery under oil price pressure

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Staff Writer | July 11, 2017
Oklahoma
America   Spending in Oklahoma shale basins declined

The state economy in Oklahoma has recovered from recession, though momentum could be hindered by lower oil prices, the state treasurer said.

Oklahoma accounts for as much as 5 percent of the total national output of crude oil, making it one of the more significant oil producers in the nation. It's the fifth-largest shale natural gas producer in the country.

Spending in Oklahoma shale basins declined last year during the market downturn, putting a strain on state coffers.

Federal data show Oklahoma's economy expanded by 1.3 percent during the fourth quarter, ending four straight quarters of contraction. State data on gross production taxes on oil and natural gas show collections of $41.6 million in June, up more than 60 percent from the previous year.

"Current data is encouraging with lagging economic indicators showing improvement in the state economy," State Treasurer Ken Miller said in a statement.


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