The Oil & Gas Industry in Oklahoma
Many do not realize that gasoline accounts for less than one-half of the products made from a barrel of crude in the U.S. The other half goes to everything from diesel and jet fuel to plastics and chemicals products most of us use every day such as appliances, crayons, toys, computers, carpets and artificial joints. With crude oil’s contribution to such a wide array of products, you can see why it is referred to as the “lifeblood” of the U.S. economy.
In the U.S., the oil and gas industry is responsible for more than 9.2 million jobs and over $95 billion in taxes. In Oklahoma, the oil and gas industry accounts for more than 322,000 jobs and nearly $1 billion collected in gross production tax. These funds help build roads, bridges and schools as well as fuel economic and capital development in Oklahoma. The oil and gas industry is the economic engine of the state of Oklahoma with the statistics to prove it.
It is widely acknowledged that the oil boom in Oklahoma began in November, 1905 with the Ida E. Glenn #1 gusher, located in the town we now call Glenpool. From these early beginnings, our state gave birth to some of the biggest oil companies in the nation. With Oklahoma’s deeply rooted oil and gas history, it seems appropriate that the Oklahoma state capitol building is the only capitol in the world with an oil well under it.
It is also not surprising that many Oklahomans own much of the oil and gas that comes out of the ground through their holdings in oil and gas properties, referred to as mineral interests. These interests have provided income to generations of Oklahomans and will likely continue to do so.
The Trust Company’s Property Management Division provides professional management expertise for property owners. We manage over 10,000 oil and gas properties, both in Oklahoma and surrounding states, for our clients. Our focus is to maximize our clients’ income while protecting their oil and gas assets. With our experience and expertise in the industry, we can provide assistance or complete management of your oil and gas assets.