- Madeline Hancock
Check out those plummeting gas prices! Some gas stations were selling unleaded for $2.55 a gallon, and it continues to fall. This might be good for the average consumer and teenagers who spend their time mindlessly cruising the roads in search of something to do. However, it could have devastating consequences for our great state.
While some tout the fact that Oklahomas unemployment rate is around 4.6 percent, it is somewhat disconcerting to think that roughly 364,300 jobs are created by the energy sector in Oklahoma and around 17 percent of the states economy is based on oil and gas.
A decrease in oil prices means a decrease in production, which means a decrease in jobs and then, suddenly, those jobs vanish and things get bad real quick.
Remember when the recession hit the rest of the world way back in 2008 but Oklahoma was not nearly as bad off as many other states? Well, the recession is over for everyone else, but it might be just the beginning for us.