Shale-rich Oklahoma sees widespread economic growth

9 Aug 2017   Shale Oil

Oklahoma reports broad economic gains, with tax receipts from oil and gas up more than 25 percent from last year. File photo by Jim Parkin/Shutterstock Aug. 8 (UPI) — Gross domestic product and production taxes from oil and gas in Oklahoma reveal the state economy is expanding, the state treasurer said. In its latest estimate, the federal Bureau of Economic Analysis reported gross domestic product increased in Oklahoma for the second quarter in a year, following four straight quarters of contraction. “The body of evidence supporting economic recovery is growing,” State Treasurer Ken Miller said in a statement . “Gross receipts show ongoing expansion, as do employment reports and broader measurements.” Oklahoma accounts for as much as 5 percent of the total national output of crude oil and is the fifth-largest shale natural gas producer in the country, making it one of the more shale-rich states. The slump in […]

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