The latest Oklahoma Energy Index shows the state’s oil and natural gas industry isn’t letting up in its expansion.
Dr. Russell Evans, executive director of the Steven C. Agee Economic Research and Policy Institute, said the ongoing expansion in the state’s primary industry is driving widespread economic growth and stronger than expected fiscal conditions across the state.
The most recent energy index saw a 2 percent increase, led by strong gains in crude oil prices that are driving expanding rig activity. The Index has grown by 14.3 percent from one year ago, and today stands at 217.1 using data collected in May.
The oil and natural gas sector continues to add back jobs lost during the previous contraction, Evans said, but added the pace of job growth is, as expected, slowing as the recovery matures. The industry added approximately 2,000 new jobs in May and more than 9,000 jobs in the past year.
“It is worth noting, however, that many of the jobs Oklahomans consider to be energy sector jobs are not reflected in the narrowly defined employment number reported above,” Evans said. “Instead, these other energy jobs are captured in sectors like manufacturing, wholesale trade, transportation and professional services.”
The OEI is a comprehensive measure of the state’s oil and natural gas production economy established to track industry growth rates and cycles in one of the country’s most active and vibrant energy-producing states. The OEI is a joint project of the Oklahoma Independent Petroleum Association and the Steven C. Agee Economic Research and Policy Institute.
