My 2 Cents: Devon Energy To Begin Layoffs

How quickly fortunes can change in Oklahoma.

For many of us the oil bust of the 80's is a faded memory, but I remember how suddenly the attitude of prosperity in Oklahoma dried up when the oil prices took a nose dive.

Well today, we get word that arguably our strongest energy company, the one that built a beautiful gleaming glass skyscraper downtown is the latest to succumb to this worldwide oil glut.

700 Oklahoma City employees will be notified over the next two days that they're being laid off, that's more than 25 percent of Devon's local workforce.

First and foremost, to anyone getting that news, let me say I'm sorry.

I know how stressful it is for those families.

But here's hoping this time around, there are other industries thriving in Oklahoma that can absorb some of these job losses, it wasn't so 30 years ago.

We didn't have much besides energy going at that time.

In those crisis days past, Oklahoma leaders talked ad nauseam about the need to diversify our economy into other areas besides energy for just such a time as this.

And over time Oklahoma City has accomplished that. It has been recognized as the 11th most diversified economy out of the 350 largest cities in the U.S.

This oil bust is a blow for sure, but I don't see this city sliding back into the malaise we experienced 30 years ago.

I'm Kelly Ogle and that's My 2 Cents.