Oklahoma oil town learns to ride ups and downs of industry

AP News
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Posted: Nov 04, 2015 1:56 PM

PONCA CITY, Okla. (AP) — As oil industry jobs disappear, folks in Oklahoma aren't panicking because they've seen it all before.

They've learned to have backup plans to help ride out the boom-and-bust cycles of an industry that's been around for more than 100 years.

Oilfield workers are returning to jobs or plans they had before the latest boom began about six years ago. They're taking lower-paying or multiple jobs, cutting back or tapping into money they squirreled away during good times.

Some who didn't prepare are struggling. And cities are seeing less sales tax revenue.

But Oklahomans believe it's just a matter of time before oil booms again.

Homer Nicholson is mayor of Ponca City, a longtime oil town. He says Oklahomans like oil and gas because it's made a lot of people rich.