Consumer Report: Oklahoma Saved More Than $8 Billion Thanks to Low-Priced Fuel
Consumer Energy Alliance Examines Energy
Production’s Benefits to Oklahoma’s Families, Small Businesses and
Industries in New Report
Oklahoma families and businesses saved just over $8 billion
thanks to low-priced natural gas, created by a combination of
increased energy production and strong, safe infrastructure to
deliver it, according to a report from Consumer Energy Alliance
The report, “Oil and Natural Gas Energize Oklahoma,” found that
residential energy users saved more than $2.6 billion while
commercial and industrial users saved almost $5.5 billion from
natural gas over the period from 2006-2016. These savings are
significant to a state that has been dubbed by the Energy
Information Agency as the most significant trading hub for crude
oil in North America. The state is also the fifth-largest shale gas
producer in the country.
The analysis details how Oklahoma’s refineries are
interconnected to the nation’s larger pipeline network, with
several critical pipeline systems terminating there. There is no
doubt that the energy industry is a big driver of the state’s
economy. Even during the recent decline in oil and gas prices at
the beginning of this decade, when the unemployment rate lingered
around 7 percent, the sector continued to be responsible for most
of the Sooner State’s economic growth.
CEA’s analysis also found that in 2016, the oil and gas industry
provided more than 399,000 jobs statewide and generated $39.5
billion in value-added to the gross domestic product.
Additional highlights from the report include:
- The oil and gas industry is responsible for one in six jobs in
Oklahoma and accounting for $1 out of every $5 in gross state
- Oklahoma is one of the nation’s top five petroleum-producing
states, and its refineries account for almost 3 percent of the
nation’s total refining capacity.
- On average, each Oklahoma resident spent $3,969 for their
energy needs in 2017. For those living at or below the poverty
line, this translates to almost 32 percent of their income going
toward energy expenses.
“Until Houston’s prominence in international oil exploration
began, Oklahoma and more specifically, Tulsa, used to be known as
the oil capital of the world, and to this day continues to remind
people of its significance as the epicenter for international
benchmark pricing for oil. The energy industry in the state is
intricately tied to this nation’s past and its future, spoken about
both socially and in classic literature,” said CEA Mid-Continent
Director Wyatt Boutwell. “The state’s families and businesses
understand what energy affords them and work hard to meet in the
middle when it comes to development. We hope the state’s leaders
and its communities continue to see the value the energy industry
brings to the state and their local cities.”
To view the report, click here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading consumer advocate
for energy, bringing together families, farmers, small businesses,
distributors, producers, and manufacturers to support America's
environmentally sustainable energy future. With more than 550,000
members nationwide, our mission is to help ensure stable prices and
energy security for households and businesses across the country.
CEA works daily to encourage people across the nation to seek
sensible, realistic, and environmentally responsible solutions to
meet our energy needs.
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Emily Haggstrom P: 720-582-0242