(TULSA) - An economist says continued low prices for crude oil could cost the state of Oklahoma up to 1,000 jobs next year.
Economics professor Dan Rickman says that while consumers benefit at the gasoline pump, the state's overall economy will likely suffer. The instructor at Oklahoma State University spoke at an economic outlook conference sponsored by the school.
Another economist said oil companies need oil prices to be around $79 per barrel for them to make a profit. Tuesday prices were below $68 per barrel.
Chad Wilkerson of the Federal Reserve Bank said if the price remains below $79 for a number of months, oil field activity could drop significantly. Last year, Oklahoma ranked fifth in the nation in oil production.
Gas prices reached below $2.00 a gallon in Oklahoma City Wednesday.
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