Oklahoma crude crunch: 5 ways low oil prices are hitting the state
From delays in downtown Oklahoma City development projects to a smaller state budget, low crude oil prices are already having an impact on Oklahoma.
Here are just 5 ways Oklahoma is feeling the effects of low oil prices.
No. 5 – OU stadium upgrade
The start of a $370-million University of Oklahoma stadium upgrade could be delayed.
"I do feel I have the responsibility of being very careful and very thorough of our state's economic situation," OU President David Boren told The Oklahoman’s Berry Trammel.
No. 4 – Downtown put on hold
Although Oklahoma City’s skyline is still growing, a few development projects downtown could be put on hold.
“At least two developers who I know were planning ambitious new projects are putting those plans on hold,” The Oklahoman’s Steve Lackmeyer wrote in a recent column.
No. 3 – Fast-food growth
Lower gas prices means Oklahoma consumers have more disposable income. Oklahoma City-based Sonic has seen sales growth.
"Its kind of ironic that at a time when some of our other Oklahoma companies are going through some more challenging times because of oil prices, which we don't like to see, but our customers are benefiting," said Stephen Vaughan, Sonic’s chief financial officer.
No. 2 – The state budget
Lower crude prices are contributing to a projected $300 million state budget gap.
No. 1 – Our economy could suffer
Some national retailers that are looking at entering the Oklahoma market could hold off because of low crude prices, real estate firm Price Edwards & Co. predicts.