The stock market has been tanking (with a respite today), oil prices are plummeting and OU just lost to Texas. Could anyone blame Oklahoma City residents for feeling a bit queasy about their jobs or mortgage payments?
"There's anxiety out there," said Oklahoma City Mayor Mick Cornett. "There's uncertainty out there."
But the mayor who brought National Basketball Association basketball and the world's largest weight scale says our fair city is"¦fairer off than most cities.
"In the big picture, Forbes Magazine said we're the most recession proof city in the county. It didn't say we're recession proof, it said we're the most recession proof city," Cornett said. "We've taken steps to diversify. Energy is not bullet proof. We've invested in biomedical and aviation as well."
Cornett also said the Greater Oklahoma City Chamber is reporting employers from out of state are still looking into the city, and that tourism has not slowed down. The mayor also has confidence in Oklahoma banks and does not believe any will go under.
However, one concern comes with oil. The price of crude oil has dropped from a high of nearly $150 just a few weeks ago to $80 a barrel this week. The sudden drop has caused problems for one the state's energy giants, Chesapeake, whose CEO Aubrey McClendon, was forced to sell most of his company stock.
"If the price stays low, oil companies will have to change," Cornett said. "They will be less aggressive and also cut back on philanthropy."
Cornett said if the price of oil stays above $85 a barrel, the state's energy companies should be fine. "Scott Cooper