Oil and Gas Industry in Oklahoma Booming

oil and gas industry in oklahoma

According to a report by the Oklahoma State Chamber, the oil and natural gas industry has nearly doubled over the past decade equalling its impact from 1982. As a result, the economy in Oklahoma has greatly benefited.   Invoice factoring is a tool to helping oil and natural gas contractors keep up with the cash demand that comes along with growth.  In fact, factoring in the #1 used finance for business worldwide.

“It has been a dramatic revival within the industry. It’s not just a nice surge in the industry. It has been a full-blown revival of the industry,” said Mark Snead, economist, and author of the report.

Invoice factoring can help oil and gas contractors hire employees, meet payroll, purchase equipment and more.  Oil and natural gas employment have doubled in 10 years to 57,500 with an average 6 figure salary per worker in 2012, the report stated.

“The oil and gas industry is the largest single source of tax revenue in the state, paying total direct state taxes of $1.96 billion in 2012, or more than 22 percent of all state taxes,” the report stated.

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