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Oklahoma Oil Rig Count Down 39 From A Year Ago

Jun 20, 2019
Workers from Helmerich & Payne participate in a Devon oil rig tour.
Journal Record

Oklahoma has 101 oil rigs in operation, which is 39 fewer than this time last year and the lowest the state has had since March 2017. Journal Record editor Russell Ray discusses what this means for the state's oil and gas industry. 

Customers pump gas at the OnCue Express at Interstate 35 and S. Fourth Street in Moore.
Brent Fuchs / The Journal Record

A new study from JP Morgan Chase found that low gas prices led most consumers to spend their money on restaurants and retail, rather than increasing savings or paying down debt.

Oklahoma City’s drop - as a portion of income – was three or four times greater than many other large metro areas, even when regional price differences are factored in, The Journal Record’s Brian Brus reports:

Employee Gene Howell and co-owner Ross Ledbetter at Reeder's Auto and Tire in Midtown Tulsa, Okla.
Joe Wertz / StateImpact Oklahoma

Crashing crude oil prices are fueling big bargains for American motorists, who are driving away with tanks full of inexpensive gasoline. Today, the national average is $1.71 for a gallon of regular unleaded. Oklahoma could be one of the first places in the country to see gas prices dip below $1 a gallon.

A shiny black Mercedes pulls up near a pump, the bell rings and Ross Ledbetter tells the driver to pop the hood.

“It’s showing full,” he shouts. “You have a concern?”

pumping gas
futureatlas.com / Flickr Creative Commons

The average price for gasoline is down slightly in the past week in Oklahoma.

AAA Oklahoma reported Tuesday that the average price for a gallon of self-serve regular is $2.27 per gallon — two-and-a-half cents from last week. The national average price is $2.42 per gallon

Prices in selected cities in Oklahoma range from $2.16 per gallon in Grove to $2.36 per gallon in Guymon.

Motorists in Oklahoma City and Lawton are paying an average of $2.23 per gallon while the average in Tulsa is $2.18 per gallon.

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Close-up of a Pump Jack
neillharmer / Flickr

New data released Tuesday by the Oklahoma Employment Securities Commission shows that state has lost about 500 mining industry jobs between December 2014 and January 2015.

Even though the mining sector reported a 0.8-percent decline in employment during that time, the sector grew by 4.7 percent. About 97 percent of the jobs in the industry are related to oil and gas drilling.

pumping gas
futureatlas.com / Flickr Creative Commons

The average price for gasoline across Oklahoma is rising and now stands at $2.16 per gallon.

AAA Oklahoma spokesman Chuck Mai said Tuesday that the price of gas is going up despite falling prices for crude oil.

AAA says the price for a gallon of self-serve regular in Oklahoma is up 3½ cents from last week and is almost 35 cents per gallon more than in late January.

Average prices in selected cities across Oklahoma range from $2.09 per gallon in Idabel to $2.22 in Lawton. The average price in Lawton has risen by 12 cents per gallon in the past week.

Crews at work on a Helmerich & Payne drilling rig in western Oklahoma.
Joe Wertz / StateImpact Oklahoma

Oil drilling rig maker and operator Helmerich & Payne Inc. has announced plans to lay off 2,000 employees.

The Tulsa World reports that in a conference call with analysts Thursday, CEO John Lindsay said that the layoffs are due to the decrease in crude oil prices which has led to reduced rig use.

Joe Wertz / StateImpact Oklahoma

Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. tumbled by 74 this week to 1,676.

The Houston firm said Friday in its weekly report 1,366 rigs were exploring for oil and 310 for gas. A year ago 1,777 rigs were active.

Of the major oil- and gas-producing states, Texas' count dove by 44, North Dakota dropped six, Oklahoma fell five, California and Wyoming each lost four and New Mexico declined by three. Arkansas, Kansas and West Virginia were down two each and Colorado, Louisiana and Utah were off one apiece.

futureatlas.com / Flickr.com

AAA Oklahoma says the average price for a gallon of gasoline in the state has fallen for 69 consecutive days and is the third lowest in the nation.

AAA says Oklahoma's average price Tuesday was 1.89, down from the 2014 high of $3.53 in late June. Missouri's average price stood at $1.84 and Ohio's was $1.88.

AAA spokesman Chuck Mai says excess supply and weak demand forced the price of West Texas Intermediate crude oil down to below $50 per barrel on Monday for the first time since April 2009. It was trading at $107 per barrel in June.

pumping gas
futureatlas.com / Flickr Creative Commons

AAA Oklahoma says the state's average price for a gallon of gasoline has dropped to $1.98 and is the second lowest price in the nation.

Spokesman Chuck Mai says Missouri had the lowest average price for regular gas of any state on Tuesday at $1.92 a gallon. Oklahoma's price is second after falling below $2 on Saturday for the first time since May 7, 2009. The Oklahoma average has now fallen for 62 consecutive days.

futureatlas.com / Flickr.com

Missouri is the first state in more than five years to have a statewide average gas price of below $2 a gallon, and Oklahoma was expected to get there by the weekend.

AAA spokesman Michael Green says the national average price of gas is $2.32 per gallon, the lowest since May 2009. Missouri's average fell below $2 per gallon Friday morning and stood at $1.98 midday.

Green says Oklahoma's average Friday morning was $2.01, while Kansas had the third-lowest average at $2.06.

Continental Resources CEO Harold Hamm
Provided / Continental Resources

An Oklahoma City-based oil and natural gas producer is slashing its 2015 drilling budget by more than 40 percent as crude oil prices continue to tumble.

The Oklahoman reports that Continental Resources Inc. took the action on Monday but said it still plans to increase production 16 percent to 20 percent from 2014 levels.

Continental CEO Harold Hamm says no job losses are expected. Hamm says the company won't be growing as fast as it had originally planned but will still increase production.

futureatlas.com

AAA Oklahoma says the average price for a gallon of regular gasoline was $2.07 Tuesday. Gas prices have tumbled $1.46 since hitting its 2014 high of $3.53 on June 26.

AAA says the state pump price has fallen for 55 straight days, plummeting 20 cents in the last week and 56 cents over the last month.

Some stations in Oklahoma City were selling gasoline for under $1.70 on Tuesday — the lowest prices anywhere in the nation. And the Tulsa metropolitan area had the lowest citywide average price of any major U.S. city Tuesday at $1.93 per gallon.

Oklahoma motorists are enjoying some of the lowest gasoline prices in the nation. Prices have fallen as much as 90 cents in the past six months, with some stations selling gas at less than two dollars a gallon. The lower gas prices are the result of a decline in the price of crude oil, which is expected to hover at around 70 to 80 dollars a barrel in 2015.

But the drop in gasoline prices also means less tax revenue to the State of Oklahoma just as the legislature is developing a budget for the new fiscal year that begins on July 1, 2015.

Falling oil prices are raising concerns about Oklahoma’s state budget. Economists at the Oklahoma Economic Outlook Conference say the decline in oil prices could result in the loss of as many as 1000 energy sector jobs, and a loss of severance tax revenue used to fund state government.

They also say educational standards must be rigorous enough to meet the demands of business and industry.

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pumping gas
futureatlas.com / Flickr Creative Commons

Gasoline prices are down in Oklahoma — and they keep falling.

AAA Oklahoma said Tuesday that the retail price for regular gasoline in the state has fallen for 27 consecutive days.

The average pump price for regular gasoline was about $2.61 on Tuesday, down 41 cents from $3.02 on Oct. 29, the last day Oklahomans saw a day-over-day price increase.

futureatlas.com / Flickr.com

New government data shows that consumer spending in Oklahoma soared nearly 16 percent from 2009 to 2012.

The figures come from a new report from the Bureau of Economic Analysis that for the first time reveals consumer spending on a state-by-state basis.

In Oklahoma, per-person spending was $31,391 in 2012, compared to $27,154 in 2009 when the recession ended. Only North Dakota clocked a higher gain, at 28 percent during the same period.

pumping gas
futureatlas.com / Flickr Creative Commons

AAA Oklahoma says gas prices continue to drop in the state as demand nationwide drops below 9 million barrels per day.

On Tuesday, the average price for a gallon of unleaded gasoline was $3.30 in Oklahoma. That's down 22 cents over the past month. The agency says only four states have a lower statewide average than Oklahoma, led by South Carolina's average of $3.26 per gallon.

AAA Oklahoma says Tuesday's gas prices are the lowest average the state has seen since February.