According to the Oklahoma City Sentinel, there has been significant declines in natural gas prices and the downward trend of crude oil prices have taken their toll on Oklahoma’s oil and natural gas industry, however, increased industry activity is expected very soon.
The most recent Oklahoma Energy Index (OEI) shows a 49.3% decline in natural gas prices from one year ago and a 16.2% drop in crude oil prices in the same time frame, and the economic uncertainty created by those falling commodity prices has stalled Oklahoma’s oil and natural gas industry expansion that began in late 2020.
The index of oil and natural gas activity in Oklahoma declined 2.5% in February following a 5.4% decline in January. The index remains slightly higher — 0.3% — than year-ago levels. The current Energy Index stands at 117.6.
Underinvestment in traditional oil and gas exploration and production, increased demand for LNG exports, and rising costs of production in the Permian Basin signal supply and demand conditions that will move prices higher and more activity into Oklahoma in the months and years ahead.
The OEI is a comprehensive measure of the state’s oil and natural gas economy established to track industry growth rates and cycles in one of the country’s most active energy-producing states.
The OEI is a joint project of The Petroleum Alliance of Oklahoma and Thorberg Collectorate.
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