breaking: Woman told police she embezzled to pay off gambling debtsbreaking: Air quality alert in effect for OKC Thursday

NewsOK: Oklahoma City News, Sports, Weather & Entertainment

Oklahoma crude crunch: 5 ways low oil prices are hitting the state

Advertisement
AP Photo
AP Photo

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

Photo by Steve Sisney
Photo by Steve Sisney

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.

Read more: Oklahoma football: Delayed football stadium renovations should not affect recruiting


No. 4 – Downtown put on hold

By Bryan Terry
By Bryan Terry

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.

Read more: Downtown Oklahoma City projects may pause amidst energy industry uncertainty


No. 3 – Fast-food growth

AP Photo
AP Photo

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.

Read more: Oklahoma City-based Sonic booms on lower gas prices, strong sales


No. 2 – The state budget

The Oklahoman Archive
The Oklahoman Archive

Lower crude prices are contributing to a projected $300 million state budget gap.

Read more: Legislative leaders warn Oklahoma lawmakers tough budget year is coming


No. 1 – Our economy could suffer

AP Photo
AP Photo

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.

Read more: Price Edwards reports that oil price slide unnerves some in Oklahoma City retail


Related Photos
 AP Photo

AP Photo

<figure><img src="//cdn2.newsok.biz/cache/r960-d40f768971693eff633ab0d93c1025d0.jpg" alt="Photo - AP Photo " title=" AP Photo "><figcaption> AP Photo </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-1404baba9c3cfabe627bbd6dbcef9c4f.jpg" alt="Photo - AP Photo " title=" AP Photo "><figcaption> AP Photo </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-e70db02df4a8d71b38100129a0a44928.jpg" alt="Photo - The Oklahoman Archive " title=" The Oklahoman Archive "><figcaption> The Oklahoman Archive </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-28ab18d4801955a5b69ac2d853c1d463.jpg" alt="Photo - AP Photo " title=" AP Photo "><figcaption> AP Photo </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-8bf131f30f7375f727b125d5eec37297.jpg" alt="Photo - Photo by Steve Sisney " title=" Photo by Steve Sisney "><figcaption> Photo by Steve Sisney </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-754cc8deaddfc620f9e368a503a546db.jpg" alt="Photo - By Bryan Terry " title=" By Bryan Terry "><figcaption> By Bryan Terry </figcaption></figure>
Brianna Bailey

Brianna Bailey joined The Oklahoman in January 2013 as a business writer. During her time at The Oklahoman, she has walked across Oklahoma City twice, once north-to-south down Western Avenue, and once east-to-west, tracing the old U.S. Route 66.... Read more ›

Comments