As state legislatures begin their 2020 sessions, topics affecting the oil and gas industry will once again be on the agenda. Here are some issues to watch in Oklahoma.
The legislative session kicks off February 3. Funding for transportation projects is a top priority, as many of the two-lane roads in the state highway system are lacking proper shoulders. Officials continue their decades-long push to repair structurally deficient bridges and to ensure pavement conditions are addressed.
The state budget office reports $8.3 billion in state funds will be available for the 2020 fiscal year, which begins July 1. That is only a 0.1% increase or just $9.4 million above the current year’s budget number. State budget officials are now estimating the general fund will be down $245 million from June’s projections. While gross production tax revenues from oil are down, revenues from natural gas drilling are also down by 50%. The state budget will be updated in February.
For more information on state policy outlooks, contact Senior Director Government Affairs Kristin Hincke.