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oklahoma's oil and gas industry is also applauding the selection of Scott Pruett to head up the EPA the energy sector has often been at odds with the regulatory approach of the EPA during the Obama administration Appu is widely expected to be a friendly voice for the industry which may finally be seeing an economic turnaround after more than a year of declining oil prices oklahoma's oil and gas industry was quick to react a word that Scott Pruett would become the new head of the Environmental Protection Agency pending Senate confirmation the Oklahoma independent Petroleum Association issued a statement citing what it called unnecessary and burdensome regulations on the oil and gas industry during the Obama administration and said Pruitt has been a consistent challenger to overreaching EPA regulations and his appointment will change the course of how the EPA is utilized by the White House administration oh why PA president Mike Terry says it's yet another sign that the trump administration will be more favorable to oil and gas interest I think we're going to see a reduction in some of the federal regulations that have hampered our ability to to drill oil certainly in public lands and maybe offshore in other places and and you know regulation is just a direct cost Steve Agee Dean of the minders School of Business at Oklahoma City University agrees I think he'll direct a more business oriented and less environmental type approach so I think it's definitely to the benefit of the oil and gas industry that Trump was elected the election of Donald Trump and the nomination of Scott Pruett aren't the only reasons industry leaders are encouraged about the future producers are also expecting to see higher prices for oil after the Organization of Petroleum Exporting Countries known as OPEC agreed to cut production in the coming year terry says that's good news for oklahoma we've seen how bad things can get we've seen all the cutbacks in state agencies we've seen the loss of jobs bankruptcies everything else so it's a breath of fresh air oil prices have climbed into the fifty dollar a barrel rank since the OPEC announcement Terry says even a one dollar increase in the price of oil adds about 150 million dollars to the Oklahoma economy so in just the last couple of weeks we've seen what eight dollars eight dollar increase it's almost a billion dollars that's that's big for our state Oklahoma State Treasurer Ken Miller says the turnaround and the energy industry is reflected in the amount of revenue flowing into state coffers if you look at gross production numbers they are up a little bit but nonetheless it looks like they may have hit an inflection point that's positive news for us if you look at mining employment it is up a little bit not much but again it is hit perhaps an inflection point and it's trending in a more positive direction gross production taxes in November generated nearly thirty 4.1 million dollars up almost thirteen percent from the same month a year ago still overall revenue dropped by four point three percent of November extending the state's revenue contraction to 21 months and leaving little doubt Oklahoma is suffering from a recession although Miller does see some positive signs it's been a longer recession than we experienced during the Great Recession but the revenue loss has not been as great and the employment loss has not been as great if you look at our unemployment figure at about a little over five percent that's by most economist measures that would be full employment mother is still concerned about how the loss of oil patch jobs is affecting sales and income taxes both of which fill significantly last month but if you if you look at leading indicators it would suggest that those spillover effects will moderate too as does our anchor industry improve terry says the industry is starting to rehire workers but it's not going to happen overnight you can't just flip a switch you know p we'll just show up and it just returned to what it was before the downturn it's going to take a while AG says even with opec's decision to curtail production the supply of oil still exceeds demand and the industry will have to work off the excess oil currently in storage there's a lot of oil cushing for example there's oil and tankers floating around the world and so we have such huge oil stocks or supplies already in storage we're going to have to whittle that down before we see any kind of appreciable increase in oil prices according to a recent study by the federal reserve bank of kansas city oil prices will have to get back to an average of around fifty five dollars a barrel for drillers to make a profit until prices reach that point AG doesn't expect to see too much of a boom in oilfield activity I don't think you're going to see a real burning desire for these companies to grow aggressively and expand aggressively given this current situation they're doing to watch and see they're going to watch and see how this developed they're going to see how these countries hold together in this cartel arrangement for output supplies and they're going to see what happens to the price of oil lawmakers are also keeping a close eye on oil prices the legislature faced a 1.3 billion dollar budget hole last session due in part to the energy downturn although Miller doesn't think it will be quite as deep next year they're still going to be a significant hole because of the amount of one-time revenues that were employed in the budget and so you're going to have to dig your way out of that hole but as far as revenues come in I do think that we'll see better revenues for the next fiscal year for the legislature to work with lawmakers will get their first indication of how much they'll have to work with when the state equalization board meets December 21st