A new report on the state of Oklahoma’s oil and gas industry by the State Chamber has the Oklahoma Oil & Gas Association asking lawmakers to hold tax policy steady. The Economic Impact of the Oil & Gas Industry on Oklahoma report shows that the industry continues to dominate the state’s economy.
Oklahoma Oil & Gas Association President Chad Warmington sees that as a reason why state lawmakers should keep tax levels steady.
“This updated Economic Impact of the Oil & Gas Industry on Oklahoma shows why it is imperative that Oklahoma maintain the certainty and stability in our tax policies on the oil and gas industry that have helped our state be competitive in this extended commodity price downturn,” said Warmington.
Recent discoveries in the SCOOP and STACK plays are key to long term growth according to Warmington.
“With the discovery of two world-class oil and gas plays in the western and southern parts of our state, Oklahoma has some exciting opportunities to continue growing our oil and natural gas production, attracting large capital investments and growing our economy,” Warmington said. “But for the stable, fair tax rate that encouraged E&P companies to put capital to work to find this reservoir in Oklahoma, our state could be in an even more dire economic condition with no bright light on the horizon.”
