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Energy prices help Oklahomans, hurt, too

 
BY DON MECOY    Comment on this article Leave a comment
Published: October 31, 2008

Falling energy prices could stifle Oklahoma’s relatively robust economy, but cash-strapped Oklahomans are celebrating cheap gasoline.

photo - Margo Mitchell, president of Consumer Credit Counseling Services of Tulsa. Photo provided
Margo Mitchell, president of Consumer Credit Counseling Services of Tulsa. Photo provided

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"My clients and I cheered when the price of gas came down so much,” Tulsa credit counselor Margo Mitchell said Thursday.

Mitchell, president of the nonprofit Consumer Credit Counseling Service of Oklahoma, said more of her clients are living paycheck-to-paycheck, and were pinched particularly by energy and food prices.

"If there is a major medical problem, or a loss of job or maybe their car breaks down, that’s the breaking point,” Mitchell said.

Chad Wilkerson, Federal Reserve regional economist, said Oklahoma’s energy industry has boosted the economy, particularly in job growth.

But, falling prices have led to some cut backs on spending. "With the declines in oil and gas prices in the last couple of months, the story for Oklahoma has changed just a bit,” Wilkerson said.

Job growth had been in the energy sector.

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Related Topics: Business, Financial Markets, Economic Indicators, Personal Finance, Labor Market, Consumer Credit and Debt, Gas Prices, Commodity Markets, Energy Technology, Job Growth, Credit Card Debt, Nonprofits and NGOs, Economies, Lagging Economic Indicators, U.S. Economy



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