Economic Impact | Oklahoma Oil & Gas Association

Economic Impact

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Oklahoma energy is driving our state forward!

An independent study released by the State Chamber Research Foundation confirms that the oil and natural gas industry continues to be the key economic driver in the state.

State Chamber Research Foundation – Economic Impact of the Oil & Gas Industry on Oklahoma (2016)

Executive Summary –  Economic Impact of the Oil & Gas Industry on Oklahoma (2016)

 

 

 

 

Facts about the economic impact of the oil and natural gas industry in Oklahoma:

  • Oklahoma energy creates jobs – studies show that the oil and gas industry directly and indirectly accounts for 1 in 7 of the jobs in Oklahoma
  • Oil and gas drilling creates substantial economic activity – over the past five years, the industry produced an average of $37.1 billion in output of goods and services annually
  • The oil and natural gas industry is the largest single source of tax revenue in the state, paying total direct state taxes of $2 billion in FY2015, or 22 percent of all state taxes
  • Oil and natural gas activity accounts for more than half the fixed investment ($20.3 billion) in Oklahoma
  • Oil and gas activity funds education more than any other industry – the $244 million received by public education in FY2015 is the largest dedicated use of severance tax revenue, and education received $2.15 billion in total severance tax revenue the past 10 fiscal years
  • Oklahoma is a major energy-producing state – Oklahoma produced $15.4 billion annually in crude oil and natural gas during the past decade
  • Each oil and gas job supports slightly more than 2 additional jobs
  • The energy industry creates growth and investment in urban and rural parts of Oklahoma, and oil and natural gas activity is having a transformative effect in many smaller, non-metro areas of the state
  • An estimated $1.7 billion in oil and gas royalties were paid to Oklahomans in 2015, these earnings help fund small businesses, agricultural operations, education savings accounts and retirement savings