The People of Oklahoma Oil & Natural Gas Are Driving the Economy of Our State

Oklahoma’s oil and natural gas sector remains a crucial pillar of the state’s prosperity and is yet again the most significant source of tax revenue.

A recent study performed by RegionTrack found the oil and natural gas industry contributed $55.7 billion to the state’s GDP in 2023, which accounts for 22% of all statewide economic activity. The industry contributed a record $2.9 billion in total taxes in 2023. These record receipts provided $230 million to the state’s Revenue Stabilization Fund for the first time.

Unlike any other industry in the state, oil and natural gas also directly provided $146 million to school districts and an additional $177 million to county roads and bridges. The sector also continues to generate household incomes across the state, employing over 200,000 workers with $31 billion in household earnings. Said another way, $1 in every $5 of total statewide income is generated by oil and natural gas.

As the key contributor and driver of job creation, tax revenue and household income, the industry continues to play a crucial role in shaping the state’s economic future. Just as important, the people of Oklahoma Oil & Natural Gas are producing reliable, affordable, sustainable energy to make our modern life go.

To view the full report, visit OERB.com.