Business Briefs (Week of Dec. 16)
Tuesday, December 20, 2022
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Looking for business briefs? This week's roundup (for the week of Dec. 16) from The Journal Record.
Despite airfares, more Americans expected to fly for holidays
Airfares are up 43% compared to this time last year, according to the latest Consumer Price Index data released in November, but that hasn’t grounded Americans who have holiday travel plans. More than 7 million people –14% more than last year – will fly to and from their holiday destinations between Dec. 23 and Jan. 2, according to this year’s AAA forecast. The increase is even larger in Oklahoma, where the number of holiday flyers will be up 21.5% from 2021, AAA Oklahoma estimates.
Abortion rights petition withdrawn by advocates
Proponents of an initiative petition to put abortion rights on the ballot in Oklahoma have withdrawn the measure. The small group of private citizens who filed the measure cited concerns over their ability to gather the required 170,000 signatures within the prescribed 90-day window during the winter. Roger Coody-Rosamond, administrator of the group SQ 828 Right to Reproductive Freedom, said in a statement posted to the group’s social media that they planned to change the timing of signature collection and build their coalition to increase the chance of getting the signatures required.
State’s record revenues continue; declines noted in oil, gas prices
Oklahoma continued to benefit from record-high tax revenues through the fall, state Treasurer Randy McDaniel reported on Dec. 9. Revenues for the 12-month period recorded through November amounted to $17.36 billion, up by $2.44 billion, or 16.3%, from the prior 12 months. McDaniel said growth may be slowing, however, because of falling energy prices. Latest monthly tax collections on oil and gas production fell below $160 million for the first time since April, he noted.
Mexican consulate to open in Oklahoma City next spring
A Mexican consulate will open in Oklahoma City in the spring of 2023, Gov. Kevin Stitt announced. The consulate will provide services and assistance to the growing Mexican community in Oklahoma and also will promote economic, commercial, educational, cultural, tourism, and community relationships shared by Mexico with the Sooner State. Mexican career diplomat Edurne Pineda has been appointed to lead the facility as head consul. According to a release, she already has been at work preparing to provide full services by the end of spring 2023.
LIV Golf making a stop in Oklahoma
A controversial golf tour financed by Saudi Arabia and supported by former President Donald Trump is making a stop in Broken Arrow next May. LIV Golf, a professional golf tour formed in 2021 as a new rival to the PGA Tour, is scheduled to play Cedar Ridge Country Club on May 12-14, 2023. Members of Congress as well as fans have questioned whether LIV Golf is an attempt by the Saudi monarchy to improve its public image in a practice known as “sportswashing.” The Saudis have a dismal human rights record, links to the 9/11 terrorist attacks and the assassination of journalist Jamal Khashoggi.
Hospitals to receive $52M to bolster Medicaid services
Oklahoma hospitals will receive $52 million before the end of December to help shore up costs for Medicaid services – and not a moment too soon, according to health care providers. About 90% of the funding will come from the federal government, thanks in part to Oklahoma voters who chose to expand the state’s Medicaid program, administered by the Oklahoma Health Care Authority.
Evictions, low wages leave 70,000 kids homeless in Oklahoma
Roughly 70,000 children in Oklahoma are homeless. They sleep in tents, under bridges, in cars, or on the couch or floor of someone’s apartment. Children and youth are the demographic with the largest proportion experiencing housing instability, said David McLeod, associate director of the School of Social Work at the University of Oklahoma. Based on enrollment data from K-12 public schools, a study by OU researchers and the Oklahoma Housing Finance Agency concluded tens of thousands of students are without permanent housing. The rapidly emerging population of children, youth and family units is one of the biggest trends in homelessness statewide, McLeod said.
OU charts course for role after fusion breakthrough
Leaders at the University of Oklahoma have set sights on being part of a new future for energy production and commercialization after breakthrough news that scientists have for the first time produced more energy in a fusion reaction than was used to spark the reaction. The U.S. Department of Energy announced the achievement on Tuesday. The advancement at the Lawrence Livermore National Laboratory resulted from the use of lasers to replicate the way the sun generates energy through fusion reactions. According to a release from OU, it could set a course for a whole new future for commercialization of fusion energy, a source of low-cost, abundant power for the planet that would be safe and free of greenhouse gas emissions and long-lived radioactive waste.
Downtown Oklahoma City Partnership president to retire
For the past 14 years, Jane Jenkins has worked steadily to make downtown the “beating heart” of Oklahoma City as president and chief executive officer of the Downtown Oklahoma City Partnership. On Thursday, it was announced that Jenkins has planned to retire from the role early next year, but that she’ll remain engaged as a consultant to help Oklahoma City and other communities prosper.
Williams to acquire MountainWest Pipeline Holding Co.
Tulsa-based Williams has reached an agreement to acquire MountainWest Pipelines Holding Co. from Southwest Gas Holdings Inc. in a transaction including $1.07 billion in cash and $430 million of assumed debt, for an enterprise value of $1.5 billion. According to a release, MountainWest comprises roughly 2,000 miles of interstate natural gas pipeline systems primarily located across Utah, Wyoming and Colorado, totaling approximately 8 billion cubic feet per day of transmission capacity. MountainWest also holds 56 billion cubic feet of total storage capacity, including the Clay Basin underground storage reservoir.
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