The Woodward News

Local News

February 9, 2014

Energy index provides status report on industry

(Continued)

Woodward, Okla. — WHAT DOES THE ENERGY INDEX NUMBER MEAN?

The 6 different indicators are assigned different values which are then totaled to provide the current index reading, which for Dec. 2013 stood at 235.32.  This total index value is in itself arbitrary, Evans said.

Bannister said this means "you can't just look at the one number and say if it's good or bad."

It is in comparing the OEI value with historical data that the index number has meaning, both men said.

"It is an arbitrary value that is set back to Jan. 2000 levels, with Jan. 2000 being set arbitrarily at a value of 100," he said.  "So the 235 number is strictly interpreted as 235 minus 100, which equals 135, meaning conditions now are about 135 percent above their levels in 2000."

However, Evans said that more important than knowing how the current number compares to the baseline period of Jan. 2000, will be seeing how the index number continues to change in the coming months.

"What we're really interested in the index is the movement in value from month to month; we're interested in the percent change in the index and knowing is it growing, is it going up or down," he said.

Bannister said officials at OIPA are excited to say that the most recent numbers seem to indicate that the industry is showing some small growth.

According to an OIPA press release, the December index value showed a 1.76 increase over November activity numbers.

"The increase represents the largest single monthly increase since April 2011.  More significantly, all 6 indicators trended positively in December for only the third time in the last 18 months," the press release states.

In particular, the indicators for natural gas and crude oil prices saw significant month to month increases, with December seeing a 60 cent, or 16.5 percent, increase for average natural gas prices and a $3.77, or 4 percent, increase in average crude oil prices.  However, the press release notes that these price increases "are largely reflective of short-term fluctuations in market conditions, such as an increase in natural gas demand attributed to colder winter weather."

Text Only
Local News
  • State board votes again to delay education plan

    OKLAHOMA CITY (AP) — Oklahoma's State Board of Education voted on Wednesday for a second time to delay a formal plan for adopting new education standards in math and English amid opposition to the proposal from three education groups that represent public school boards and administrators across Oklahoma.

    July 24, 2014

  • Winners of Cudd Legacy award named

    Three veterans of the oil industry will receive this year's Bobby Joe Cudd Legacy Award during the Tri-State Oil and Gas Convention on Aug. 7 at the Woodward Conference Center.

    July 24, 2014

  • Benefit gun raffles underway

    Woodward Reserve police officers and other Woodward full time officers have come together to support one of their own.

    July 24, 2014

  • Tulsa man looking for military friend

    There are times in everyone's life when you think back and wonder whatever happened to those old friends from your past.

    July 23, 2014

  • Zoning change approved by commission

    Monday night Woodward city commissioners unanimously approved a zoning change that was contested by one local man who was protesting because he wants the neighborhood to continue its residential growth.

    July 23, 2014

  • Tangier Reunion set for Saturday, Sunday

    When Barbara (Allison) Merwin thinks back to the years she spent in the classrooms of Tangier High School, it takes a few moments for her to recall how school life was 60 years ago.

    July 23, 2014

  • Traveler Majors take regional opener

    ALVA - The Traveler Majors continued their strong Connie Mack playoff showing at Northwestern Oklahoma State University Tuesday.

    July 22, 2014

  • County OKs road use agreement

    Woodward County Commissioners on Monday approved a final version of a road use agreement between a energy company planning a wind turbine construction project near southeast Woodward County.

    July 22, 2014

  • Camp to show art is everywhere

    The Woodward Arts Theatre will become a recycling plant next week.

    July 22, 2014

  • Fairview Wrangler Rodeo turns 50 this year

    Western fun continues in Northwest Oklahoma as the Fairview Wrangler’s hosting their 50th annual rodeo.

    July 22, 2014