The people of Oklahoma Oil and Natural Gas are driving the economy of our state—OERB
A new report issued through the Oklahoma Energy Resources Board shows the economic impact in the state totaled more than $58 billion in 2024.
“Oklahoma’s oil and natural gas sector remains a crucial pillar of the state’s prosperity and is yet again the most significant source of tax revenue,” stated the OERB in releasing the recent study performed by RegionTrack.
The report found the oil and natural gas industry contributed $58.2 billion to the state’s GDP in 2024, which accounts for 19% of all statewide economic activity. The industry contributed a record $2.9 billion in total taxes in 2024. These record receipts provided $132 million to the state’s Revenue Stabilization Fund.
Unlike any other industry in the state, oil and natural gas also directly provided $86 million to school districts and an additional $86 million to county roads and bridges.
Five counties with the most economic impact from oil and gas that contributed to schools were Grady County at $25,053,553 for its schools; Kingfisher County $21,115,375 for schools; Canadian County at $18,139530; Blaine County $10,460,793; and Stephens County at $8,185625.
Delivered record revenues to state in 2024
The sector also continues to generate household incomes across the state, employing over 304,000 workers with $60 billion in household earnings. Said another way, $1 in every $5 of total statewide income is generated by oil and natural gas.
As the key contributor and driver of job creation, tax revenue, and household income, the industry continues to play a crucial role in shaping the state’s economic future. Just as important, the people of Oklahoma Oil and Natural Gas are producing reliable, affordable, sustainable energy to make our modern life go.