Energy prices help Oklahomans, hurt, too

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BY DON MECOY
Published: October 31, 2008

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

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


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

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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.


 

Related Topics: Science and Technology, Technology, Business, Financial Markets, Economic Indicators, Personal Finance, Labor Market, Consumer Credit and Debt, Gas Prices, Trade, Oil Prices, Commodity Markets, Energy Technology, Job Growth, Personal Credit Ratings, Credit Card Debt

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