Energy prices and the Oklahoma City real estate market

By
Real Estate Agent with The Virtual Real Estate Team 104556

 If you follow Oklahoma City economic market conditions you know about how strong of an energy state we are. Oklahoma is awash in oil and natural gas but both have been on a pricing downturn for some time. It hasn't had a strong impact on the Oklahoma City economy but it has hurt at the state level for loss of revenue from taxes, and employment in the drilling areas has been affected. Although oil reached a low of below $30 a barrel it has since climbing steadily. In Oklahoma, once we reach $44 a barrel pricing we become very profitable and companies drill. This week we reached $53 a barrel and since OPEC created a lower quota, it is expected for oil to go to $60. What this creates is help on the state level, and a large bonus for Oklahoma City. Our city is home to three of the largest independent companies in the world, and many mid sized companies. We had a few of the midsize companies go into Chapter 11 but they have emerged stronger and with much reduced debt due to restructuring and the price recovery. What this means for 2017 is a robust economy that was growing, but this adds employment that is typically above $100,000 in salary. The other good news is that the US is now a net exporter of natural gas and that sector is expected to become stronger and we do sit on large reserves that will keep us humming for over a decade from now. Oklahoma City has been a great city to buy a home to live in or to have positive cash flow for investors. This next year should be even better and we have the oil and gas industry to thank for that. If you need help in buying our selling a home especially for getting investment property, please contact us at joe@joepryor.com.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Oklahoma Oklahoma County Oklahoma City
Groups:
Posts to Localism
NATIONWIDE INVESTORS NETWORK
Bananatude
YouTube Thursdays
Old Farts Club
Tags:
oklahoma energy industry and real estate economics

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,606,385
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

I hope you are enjoying the holiday weekend with walks on the beach.

Dec 24, 2016 04:29 PM #1
Rainmaker
2,438,975
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Good morning Joe.  I believe the economy in Oklahoma and throughout the U.S. is going to be robust in 2017.  We'll see soon enough

Dec 25, 2016 03:36 AM #2
Rainmaker
1,997,258
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

My financial planner keeps trying to push me into oil. I've been through the burnout years of the 1980s and don't want to invest in oil, and I can't get that through her thick head. I think "investing in oil" is an oxymoron, but then, as you know, I am not from Oklahoma, LOL. Real estate is a much better bet.

Dec 26, 2016 12:45 PM #3
Rainmaker
4,606,385
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thanks so much for your comments on my blogs. Enjoy the holidays as you prepare for the challenges of the new year.

Dec 26, 2016 02:06 PM #4
Rainmaker
2,711,599
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joe, had no idea about the net importer of Natural Gas, wow that is great news and new information for me, Endre

Dec 26, 2016 08:11 PM #5
Ambassador
3,667,911
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I think you are right about next year. It will be a year to make some really good buys and investments.

Dec 27, 2016 07:31 PM #6
Rainmaker
1,717,427
Patricia Feager
DFW FINE PROPERTIES - Southlake, TX
Selling Homes Changing Lives

Joe Pryor - Even though we live so close, I had no idea about what's going on in Oklahoma with regards to oil and energy. I wish you and all the good people of OK a wonderful New Year!

Dec 28, 2016 01:53 PM #7
Ambassador
3,306,234
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Joe- Growing up in Houston, I am very familiar with the ups and downs of oil and gas and its impact on the local economy.  This is good information to provide your community. 

Dec 28, 2016 07:13 PM #8
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,365,234

Joe Pryor

REALTOR® - Oklahoma Investment Properties
Can I help you
*
*
*
*
Spam prevention

Additional Information