The people of Oklahoma Oil & Natural Gas are a catalyst for the state’s economy, providing one-third of the total economic output and more than 350,000 jobs. They are also having a big impact on funding for state and local services, contributing millions of dollars to education and roads.
A new report completed by RegionTrack Inc. for the Oklahoma Energy Resources Board (OERB) found that the oil and natural gas industry generated $65.4 billion in state GDP in 2018. That makes the industry the largest private-sector contributor to Oklahoma’s economy, far surpassing other sectors.
The oil and natural gas industry is also the largest taxpayer. Across all tax revenues, the industry contributes more than $2 billion in taxes each year for state and local use. This significant economic impact is also yielding huge benefits for schools and roads at the local level. In fiscal year 2019, $245 million was apportioned to education-related funds and $104 million was returned to counties for roads.
The oil and natural gas industry also supports hundreds of thousands of families across the state, generating $36.8 billion in household earnings in 2018. That’s nearly 1 in 3 dollars earned in income. In addition, oil and natural gas provided nearly $2.5 billion in royalty payments to Oklahomans.
The people of Oklahoma Oil & Natural Gas voluntarily fund the OERB through a voluntary one-tenth of one percent assessment on oil and natural gas. Through this funding, the OERB provides free environmental restoration of historic well sites and extensive educational resources for Oklahoma educators, students and classrooms.
Click file:///C:/Users/User/Downloads/Economic%20Report.pdf to read report.