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The Oil Industry In Oklahoma Essay

1142 words - 5 pages

Boomtown Business

From moo-town to boomtown, the discovery of oil in Oklahoma has largely benefitted the state’s industry. It all started in small town Bartlesville, when oil popped out, spouting from a tower. From there, new oil companies from all over selected Oklahoma as the base for their industry. By the 1920’s, Oklahoma had already received its title as the “Oil Capitol of the World”. In this “Golden Age”, Oklahoma had already become home to thousands of jobs and companies. In the 1950s, oil production slowed down, but picked right back up again in about 1979, when the demand for oil greatly increased. This time around, there was contemporary and more advanced technology for their time, which lowered us down below the earth, thirty thousand feet. Petroleum related occupations became just as prominent as the oil itself. As for natural gas, the very first commercial use launched at a brick plant in Tulsa. The oil and natural gas industry holds a very vital position in Oklahoma’s history.
Still today, this industry contributes to not just American petroleum production, but also provides millions of dollars to Oklahoma’s economy. By 2007, total amounts yielded reached around $40 billion. More than two billion of this profit went towards the state. Annual production from Oklahoma’s natural gas and oil industry generates $51.7 billion in services and goods. That is approximately one-third of Oklahoma’s gross state product. Oil and natural gas corporations account for 25% of Oklahoma’s tax dollars. Schools, roads, teacher retirement, state colleges, bridges, public parks, wildlife preservation, and the occupations of Oklahoma residents would not be possible without the outbreak of oil. Most employments in Oklahoma are related to the oil and natural gas industry in some way. Statistics state that one out of every seven jobs in Oklahoma is indirectly or directly supported by the industry of oil and natural gas. The total estimation from these jobs is around 300,000 workers. This corporation is indubitably going to be a monumental component in our future.
Oklahoma’s future in oil and natural gas related fields lies in the education of the youth of today. Oklahoma’s oil and natural gas industries have already donated $1.6 million in OERB Petroleum Scholarships. This will highly support hundreds of Oklahoma college students on the road to their major in petroleum-related fields. Because of this industry, we are revitalizing our homeland. Approximately 60 million dollars has already gone into restoring more than 10 thousand abandoned well sites in the state wide area. This has a very positive impact and is making a difference in the landscape of Oklahoma, and even in the economy. The industry not only revitalizes our homeland, but as the need for this industry grows, so does the need for education about the oil and natural gas industry to our adolescents. As I mentioned earlier, Petroleum Scholarships are in high...

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