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State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D. Economic Report TM Volume 2, Issue 5 • May 31, 2012 Oklahoma News and analysis of Oklahoma’s economy Inside SEE ENERGY PAGE 3 • Treasurer’s commentary: Tax reform revisited • 10 things you should know about the Keystone XL pipeline • Revenue collections resume rise • State unemployment at lowest level since 2008 • Economic indicators Contributors Regina Birchum, Deputy Treasurer for Policy Paul Ackerman, CPA Editor Tim Allen, Deputy Treasurer for Communications In 1953, General Motors President Charles Watson declared before Congress at a hearing assessing his qualifications to become Secretary of Defense, “What was good for the country was good for General Motors and vice versa.” In the decades following, Watson’s legendary quote has taken on a life of its own, and has since morphed into a succinct declarative: As General Motors goes, so goes the nation. In Oklahoma, a similar mutually-beneficial relationship exists between the state and the energy sector. This relationship remains the backbone of Oklahoma’s economy, even as the state has grown its non-energy sectors. The recent announcement made by Google to expand its data center in Pryor provides an example of how the state has continued to diversify its economy. Even as the state welcomes and courts new industry, the declarative, though revised, holds true: As energy goes, so goes Oklahoma. Oklahoma entrepreneurs have driven the expansion of Oklahoma’s energy sector the past two decades, making conscientious decisions to establish, build, grow and sustain their companies in Oklahoma. When speaking of Oklahoma’s economic vitality, the importance of independent energy giants such as Devon, Chesapeake, Continental, SandRidge, Williams, Chaparral and many smaller exploration and production companies cannot be overstated. Their contribution to the state has been substantial. A study commissioned by the Oklahoma Energy Resources Board finds the oil and natural gas industry is responsible for $52 billion, or about one-third, of Oklahoma’s gross state product. In the past two years, the industry has added nearly 12,000 jobs, including almost 4,000 jobs to the self-employed. Running on energy 0% 20% 40% 60% 80% Alaska North Dakota Wyoming New Mexico Oklahoma Louisiana Texas Utah Kansas Colorado 1.9% 1.8% 1.6% 8.2% 6.2% 10.7% 16.2% 42.4% 49.3% 76.5% Source: US Census Bureau, State Government Tax Collections 2011 Oil and Gas Severance Taxes as Percentage of State Budgets
Object Description
Okla State Agency |
Treasurer, Oklahoma State |
Okla Agency Code |
'740' |
Title | Oklahoma economic report : news and analysis of Oklahoma's economy, 5/31/2012, v.2 no.5 |
Authors | Oklahoma. State Treasurer. |
Publication Date | 2012-05-31 |
Frequency | Monthly |
Publication type |
Newsletter |
Purpose | Running on energy; Treasurer's Commentary: Tax reform revisited; 10 things you should know about the Keystone XL Pipeline by Brydon Ross; Revenue collections resume rise in spite of gross production decline; State unemployment at lowest level since 2008 |
For all issues click |
T1400.6 E19r |
Digital Format | PDF, Adobe Reader required |
ODL electronic copy | Downloaded from agency website: http://www.ok.gov/treasurer/documents/OER_5-31-12.pdf |
Rights and Permissions | This Oklahoma state government publication is provided for educational purposes under U.S. copyright law. Other usage requires permission of copyright holders. |
Language | English |
Month/year uploaded | June 2012 |
Date created | 2015-01-05 |
Date modified | 2015-01-05 |
OCLC number | 890219048 |
Description
Title | OER_5-31-12 1 |
Full text | State Capitol Building, Room 217 • Oklahoma City, OK 73105 • (405) 521-3191 • www.treasurer.ok.gov A publication of the Office of the State Treasurer • Treasurer Ken Miller, Ph.D. Economic Report TM Volume 2, Issue 5 • May 31, 2012 Oklahoma News and analysis of Oklahoma’s economy Inside SEE ENERGY PAGE 3 • Treasurer’s commentary: Tax reform revisited • 10 things you should know about the Keystone XL pipeline • Revenue collections resume rise • State unemployment at lowest level since 2008 • Economic indicators Contributors Regina Birchum, Deputy Treasurer for Policy Paul Ackerman, CPA Editor Tim Allen, Deputy Treasurer for Communications In 1953, General Motors President Charles Watson declared before Congress at a hearing assessing his qualifications to become Secretary of Defense, “What was good for the country was good for General Motors and vice versa.” In the decades following, Watson’s legendary quote has taken on a life of its own, and has since morphed into a succinct declarative: As General Motors goes, so goes the nation. In Oklahoma, a similar mutually-beneficial relationship exists between the state and the energy sector. This relationship remains the backbone of Oklahoma’s economy, even as the state has grown its non-energy sectors. The recent announcement made by Google to expand its data center in Pryor provides an example of how the state has continued to diversify its economy. Even as the state welcomes and courts new industry, the declarative, though revised, holds true: As energy goes, so goes Oklahoma. Oklahoma entrepreneurs have driven the expansion of Oklahoma’s energy sector the past two decades, making conscientious decisions to establish, build, grow and sustain their companies in Oklahoma. When speaking of Oklahoma’s economic vitality, the importance of independent energy giants such as Devon, Chesapeake, Continental, SandRidge, Williams, Chaparral and many smaller exploration and production companies cannot be overstated. Their contribution to the state has been substantial. A study commissioned by the Oklahoma Energy Resources Board finds the oil and natural gas industry is responsible for $52 billion, or about one-third, of Oklahoma’s gross state product. In the past two years, the industry has added nearly 12,000 jobs, including almost 4,000 jobs to the self-employed. Running on energy 0% 20% 40% 60% 80% Alaska North Dakota Wyoming New Mexico Oklahoma Louisiana Texas Utah Kansas Colorado 1.9% 1.8% 1.6% 8.2% 6.2% 10.7% 16.2% 42.4% 49.3% 76.5% Source: US Census Bureau, State Government Tax Collections 2011 Oil and Gas Severance Taxes as Percentage of State Budgets |
Date created | 2012-06-08 |
Date modified | 2012-06-08 |