Tulsa’s annual Pipeline and Energy Expo is set to see over 100 oil and gas companies around the US attend the event, with discussions of the oil and gas industry and market in the works.
Oklahoma's energy companies are struggling due to the fall in oil prices – the lowest in six years. Oklahoma is said to lose approximately 13 000 jobs in the energy industry by the end of 2015, due to the falling prices – presently under US$40 per bbl.
Pipeline and Energy Expo
Most of the companies attending the expo are suffering from these prices. As a result, Pipeline and Energy Expo Chairman Bill Solomon states that it is important to discuss new ideas and optimistic approaches.
"It's not going to happen in a month, I'm not sure it's going to happen before the end of the year, but it's going to happen and things are going to get a lot better.”
Fallin on prices
Governor Mary Fallin also states she is worried about these prices, as it will affect economy security as well as quality of life.
As Oklahoma has previously been through energy depressions, Fallin believes the energy economy will eventually recover. However, another budget cut is said to be expected.
“We will have another revenue shortfall this year like we did this past session because the price of a barrel of oil is lower than we expected. It’s a nerve-racking time certainly in our state and other states involved in energy production.”
Presently, a spending and budget plan is in the works.
Edited from various sources – News On 6, Tulsa World, Public Radio Tulsa –by Stephanie Roker