David D. Le Norman, chairman of the Petroleum Alliance of Oklahoma, released the following statement in reaction to recent rapid changes in the oil and natural gas market.
“It is too early to say what will happen with commodity prices in the long term. However, we know the 350,000 hard-working, resilient people of Oklahoma’s oil and natural gas industry will do their best to support each other, weather the storm and continue to fuel our nation’s economy,” Le Norman said. “Unfortunately, Oklahoma has been caught in the crossfire of these geopolitical issues beyond our control, exacerbating existing challenges and further threatening damage to our economy.”
“The members of the Petroleum Alliance of Oklahoma have warned for many years against making the Oklahoma state budget overly dependent on our industry,” he said. “We applaud Gov. Kevin Stitt and the Legislature for showing the foresight last year to set aside $200 million. We hope this fund will cushion the blow from potential lower tax collections related to depressed oil and natural gas prices.”
“Additionally, we hope that Oklahoma’s leaders will be mindful of the fact that our industry remains by far the largest contributor to our state’s budget, while other, less reliable energy sources continue to receive taxpayer payouts,” Le Norman concluded.