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HPPR Economy and Enterprise

Oklahoma oil industry hopes to rebound after OPEC decision

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Ed Schipul
/
Creative Commons

Oil and gas officials in Oklahoma continue to celebrate OPEC’s decision to reduce its output, reports The Norman Transcript.

As Oklahoma Independent Petroleum Association President Mike Terry put it, “The move is good news for Oklahoma, where the oil and natural gas industry is the backbone of the state’s economy.”

Before this month, OPEC hadn’t reduced its output since 2008. The powerful cartel’s decision to ramp up production in recent years has forced many U.S. oil operations out of business, while concurrently sending prices at the pump plummeting. Oklahoma tried to keep by expanding fracking operations—a move that led to a 4,000 percent increase in seismic activity.

Oil and gas production in Oklahoma was seeing modest gains even before OPEC decided to decrease production. Now, analysts are hoping that Oklahoma’s economy will see a big turnaround.