Joining the volatile stock market are plunging oil prices. While it’s good news for drivers focused on gas prices, which are falling, it’s not so good for oil companies.
And that’s bad news for states like Oklahoma and Texas that are home to many oil companies.
“The investment community especially the energy industry, hates uncertainty,” said energy expert Bob Cavnar. “We like kind of knowing, understanding what the rules are, understanding what the response of the governments going to be within some range of option.
The larger problem may be Oklahoma’s state budget, which depends on taxes from oil, and the salaries of oil industry employees.