OKLAHOMA CITY (AP) — A Federal Reserve Bank of Kansas City economist says lower oil prices have prevented Oklahoma's economy from growing with the national economy.
The Oklahoman reports Chad Wilkerson, vice president and Oklahoma City branch executive, told local business executives at an economic forum in Oklahoma City Thursday that oil prices have fallen by more than 30 percent seven times since 1980. He said Oklahoma suffers when the energy sector accounts for a larger portion of employment and earnings.
Wilkerson says the U.S. economy has continued to grow, but Oklahoma started showing signs of slowing down in 2014. He said that energy jobs have fallen sharply everywhere, but the decline has hit rural Oklahoma more than Oklahoma City and Tulsa.
According to Wilkerson, manufacturing in Tulsa has been affected because of the large concentration of metal fabrication in the area.