Bailout could impact ‘recession-proof' Oklahoma

Friday, September 26th 2008, 8:04 pm
By: News 9

By Jacqueline Sit, NEWS 9

OKLAHOMA CITY -- With the uncertain economic downturn across the nation and the major bailout agreement still in the process, this crisis could impact "recession-proof" Oklahoma.

All eyes are watching what's going on with the economy, and whether an agreement is reached or not, at the end of the day, people are worried about the financial crisis and their overall well being.

"I'm just sitting back and looking at it like whatever happens is going to happen. There's nothing we can basically do," Darrell Jackson said.

With the big bailout agreement in the hands of lawmakers and banks going bust, many are on edge about the economy.

"The bailout is really confusing for me, but who's it going to hurt? Are you saving all the rich people or saving everyday people?" Darrell Jackson said.

Analysts are asking who this is going to hurt, and what is the state of the Sooner state?

OCU economics professor Steve Agee said the energy and agriculture driven economy should help Oklahomans.

"Oklahoma is like an island in a very stormy sea. Right now everything around us is really having problems" Agee said.

Moms, like Carmenita Antwine, are feeling the pinch to their pocketbook.

"You're definitely on a tighter budget then I would say over the last couple of years. I've been on a tighter budget. You have to stretch things out a little bit further," Antwine said.

Agee said only if energy and oil prices fall like they did back in the 1980s during the oil bust, will our "recession proof island" take a hit.

"If the price of oil fell down to 50 to 60 dollars a barrel and price of natural gas fell down to MCF, you'd see energy companies in Oklahoma here struggle," Agee said.

But the OCU economics professor doesn't anticipate that happening here.

"I think they'll continue to do well as long as the whole economy doesn't get dragged down to a serious recession," Agee said.

Agee believes Oklahoma is not in a recession, but the rest of the country is teetering towards one.