Oklahoma No. 1 Worldwide for Oil and Natural Gas Investment
According to the Fraser Institute’s Global Petroleum Survey, Oklahoma ranks No. 1 globally for oil and natural gas investment and production. This is the second year in a row that Oklahoma has topped this list. The survey is based on a variety of governmental and regulatory factors, and is taken by oil and natural gas executives and managers around the nation.
“Oklahoma has been and will continue to be our nation’s leading energy-producing state,” said Mike Terry, president of the Oklahoma Independent Petroleum Association. “The oil and natural gas produced here powers our country, and the Oklahoma-based companies involved in the oil and natural gas industry have proven to be worldwide leaders and innovators.”
The survey, which ranked states, provinces and countries on tax rates, regulatory policies, political stability and security of personnel and equipment, found that U.S. states in the South and Midwest had the best business climate for oil and natural gas development. Oklahoma ranked at the top, with Mississippi, Saskatchewan, Texas and Arkansas rounding out the top five.
The survey reinforces the importance of oil and natural gas to Oklahoma’s economy, and the importance of supporting the industry through state initiatives and pro-business policy. The state’s economy is boosted by millions of dollars in tax revenue from the oil and natural gas industry each year.