State Treasurer Says Surging Energy Prices Are Boosting Oklahoma Economy

Rapidly rising crude oil and natural gas prices are bringing big money into the state of Oklahoma.

"Oil and gas prices have continued to rise,” said Randy McDaniel, Oklahoma State Treasurer. “And that's leading to more receipts, more jobs, and a better Oklahoma economy."

State Treasurer Randy McDaniel says over the past 12 months, gross receipts into his department have topped $14.7 billion, a record, and an indication of economic expansion.

"We're seeing the rig count go up as prices are moving and we're also seeing employment going up," said McDaniel.

McDaniel says the recent increase is fueled in part by oil field activity in August when West Texas Intermediate Crude Oil in Cushing averaged nearly $68 a barrel. Since then, prices have risen, even more, indicating more revenue in the months to come. 

Besides oil and gas, McDaniel says every other major revenue stream in the state besides motor vehicle collections have also grown.

"For the next several months we feel confident that the economy is going to continue to grow and do well," said McDaniel.

Despite the increase, McDaniel says it's a trade-off for many Oklahomans who are seeing higher prices, especially at the pump.

"We are very mindful that there are people hurting, and that the cost goes up, but that's the balancing act we have in Oklahoma,” said McDaniel. “Nobody likes to pay higher prices, me included at the pump, but at the end of the day this is important for our state."

McDaniel says the unemployment rate right now in Oklahoma is very good at 3%.

That ranks 7th nationwide.