Through ups and downs, the people of Oklahoma Oil and Natural Gas remain essential to our state economy.
RegionTrack Inc., an Oklahoma-based economic research firm, recently completed a new Economic Impact and Jobs Report for the OERB. As always, the oil and natural gas industry is by far the largest taxpayer in Oklahoma, contributing $2.66 billion in business taxes in 2020. The sector also created $19 billion in gross domestic product, supported 145,000 jobs, and provided $16.5 billion in household earnings. Most telling is that these numbers were despite the global pandemic and market uncertainty, which resulted in a significant rig decline in the state over that time.
The economic impacts are being felt on the local level too. In fact, with $720 million in severance tax revenue in 2021, the oil and natural gas sector is the only significant source of earmarked taxes that provide direct funding for uses like education and county roads. Over the past decade, the industry has provided $2.1 billion for educational purposes. That’s an average of more than $200 million each year. School districts in 24 counties have received at least $1 million annually for a decade. That is huge for education, something the people of Oklahoma Oil and Natural Gas are passionate about. And, with some of the top proved reserves of oil and natural gas in the nation, our industry is positioned to continue to play an important role in the future.
The people of Oklahoma Oil and Natural Gas are producing the resources that are essential to modern life while supporting our state and nation. Beyond fueling America, oil and natural gas byproducts make up virtually everything in your home, the chemistry behind our miraculous medicines, and the driver of economic growth.
It’s our future and our shared home. The people of Oklahoma Oil and Natural Gas will continue to do their part in producing reliable energy that will keep our state and our country strong.
Mindy Stitt is executive director of the Oklahoma Energy Resources Board.
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