Scoop & Stack

The Surge in Oil Prices Energizes the Sooner State

Oklahoma and energy go together. As the United States’ fifth-ranked state in total energy production, Oklahoma is abounding with energy in the form of oil and gas production, a myriad of pipelines, the world’s largest storage hub in Cushing, refineries, and even renewable energy – found in wind farms throughout the state.

Oklahoma crude oil production is rising quickly, reaching 157 million barrels last year, the highest total since 1985. Thanks to the STACK and SCOOP plays, production has increased 150+ percent since 2005.

Oklahoma has played an important part in the development of shale production in America, which has made the U.S. the world’s leading producer of oil and natural gas. The shale revolution has been led by Oklahoma-based companies like Harold Hamm’s Continental Resources and Chesapeake Energy, started by the late Aubrey McClendon and Tom Ward, who then went on to build SandRidge Energy.

With rising natural gas prices and the price of oil back above $50 a barrel, the prospect of a rebounding economy bodes well for Oklahomans. Expanded storage capacity in Cushing and the lifting of the U.S. crude export ban late in 2015, paired with Oklahoma’s central location, favorable geology, and a pro-energy policy from the incoming President-elect, guarantees that Oklahoma is OK.

 

Compiled and Published by GIB KNIGHT

Gib Knight is a private oil and gas investor and consultant, providing clients advanced analytics and building innovative visual business intelligence solutions to visualize the results, across a broad spectrum of regulatory filings and production data in Oklahoma and Texas. He is the founder of OklahomaMinerals.com, an online resource designed for mineral owners in Oklahoma. ☞Email: [email protected]

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