Oil still has an outsized influence on Oklahoma’s economy, and the outlook for 2021 is less than inspiring.
Oil and Gas Journal forecasts an 8% increase in domestic oil consumption as the U.S. economy is expected to grow 5%. Oil demand fell 12% in 2020, however, as the COVID-19 pandemic took hold.
"The total oil demand will not be fully recovered this year. But next year, it’s expected to be fully recovered, next year," said Oil and Gas Journal Managing Editor of Economics Conglin Xu.