OKLAHOMA CITY -- For the tenth straight month, the Oklahoma economy is feeling the effects of a national recession. It is scaring consumers and forcing local residents to hold on to their money. State Treasurer Scott Meaghan says the state collected $374 million in revenue for the month of October.
That's $116 million below last year's numbers and $83 million below the projected estimates for the 2010 fiscal year.
One of the biggest problems is natural gas prices; they are down because of an unexpected surplus caused by warmer weather.
"Back a few years ago we were telling people to pray for rain during the drought, but we need to be praying for sleet, snow, in the northeast, Chicago, Boston, New York because we need energy prices to rebound," said Meacham.
State officials are now making plans to tap Oklahoma's $600 million Rainy Day Fund to help stop the bleeding, but it is anyone's guess on how much they take out by the end of the recession.
Although the numbers are still down, Meacham believes that the economy could be turning around in the very near future.
That's $116 million below last year's numbers and $83 million below the projected estimates for the 2010 fiscal year.
One of the biggest problems is natural gas prices; they are down because of an unexpected surplus caused by warmer weather.
"Back a few years ago we were telling people to pray for rain during the drought, but we need to be praying for sleet, snow, in the northeast, Chicago, Boston, New York because we need energy prices to rebound," said Meacham.
State officials are now making plans to tap Oklahoma's $600 million Rainy Day Fund to help stop the bleeding, but it is anyone's guess on how much they take out by the end of the recession.
Although the numbers are still down, Meacham believes that the economy could be turning around in the very near future.
