OKLAHOMA CITY — OIPA-OKOGA today released the following comments from association President Chad Warmington on Wednesday’s announcement of a budget agreement by legislative leaders:
The budget agreement for the 2020 fiscal year is a step in the right direction for the state and for all Oklahomans. By setting aside $200 million in savings, legislative leaders are taking significant strides to ensure we do not repeat the severe budget shortfalls the state has seen in recent years.
The ebbs and flows of commodity prices are a part of doing business in the oil and natural gas industry. Because our state government is heavily reliant on tax revenue from the oil and natural gas industry, those same ebbs and flows become a part of the state’s ability to offer core government services to Oklahomans when commodity prices fall and tax receipts decline.
A healthy Rainy Day Fund that can be tapped to offset the volatility in oil and natural gas prices is key to ensuring government services continue at expected levels in times if industry downturns. We applaud Gov. Stitt and leadership in the House and Senate for making budget savings a priority.
About OIPA-OKOGA: OIPA-OKOGA, the newly formed oil and natural gas trade association created by the merger of the Oklahoma Independent Petroleum Association and the Oklahoma Oil & Gas Association, is the only trade association in Oklahoma that represents every segment of the oil and natural gas industry, allowing the industry to speak with one voice when advocating for the interests of our members, landowner partners, host communities and employees. The association’s goal is to enhance Oklahoma’s economy for future generations and be a destination for capital investment from the upstream, midstream and downstream segments of the energy industry.