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 Region-Track 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 and Natural Gas are producing reliable, affordable, sustainable energy to make our modern life go.
