Energy independence spells opportunity for Oklahoma

  • 2013-03-07
The Oklahoma Energy Resources Board (OERB) wants the United States to once again declare independence, this time from foreign energy sources.

The OERB, based in Oklahoma City, is launching a full-spectrum media blitz that leaves no stone unturned: television, radio, Internet, and printing services will all be employed to spread the word. Since fully one in six Oklahoma jobs is affiliated with the oil and natural gas industry, the prosperity of the state is intimately linked to the success of the American energy industry.

Energy independence is not a new concept. It has been the Holy Grail of national energy policy since the 1973 OPEC embargo highlighted the United States’ vulnerability to the whims of foreign suppliers. Like the legendary Grail, however, the ideal proved elusive. Only recently have new techniques allowed for the economically advantageous exploitation of vast reservoirs of petrochemicals buried beneath the country. These advanced extraction techniques have already dropped prices dramatically for domestically-produced natural gas – from $13 to $3.55 per million British thermal units (BTUs).

Oklahoma, in the top five states both in oil and natural gas production, is poised to benefit greatly. A 2012 study by Canada’s Fraser Institute declared Oklahoma the number one place in the world for oil and natural gas investment. OERB estimates that achieving energy independence would add 3.6 million jobs to the national economy, with the majority being created in Oklahoma and other energy-producing states.

Rosy projections, of course, do not always completely pan out, and some of the new techniques may have environmental hazards that need to be addressed. Even with tempered expectations, however, the future for Oklahoma looks (forgive the pun) O.K.