By Senator Jay Paul Gumm, D-Durant

Happy New Year, everybody! As Oklahoma enters the first full year of its second century as a state, we received some very good news about our economy.

We learned last week that Oklahoma’s personal income grew faster than the national average during the third quarter of 2007. That increase was driven primarily by growth in the oil and gas industry, according to a report by the U.S. Bureau of Economic Analysis.

Oklahoma’s personal income grew 1.8 percent in the third quarter, topping the national rate of 1.4 percent. Oklahoma ranked fifth among the states in personal income growth for the third quarter. For a state whose income has lagged behind most of the nation, this is extraordinary news for our economic future.

That means the increase in personal income driven by the oil and gas industry in Oklahoma was more than eight times the national average. The good news, however, did not end with the energy industry. Read more…