Oil Cutbacks

More than 45 million dollars have been zapped out of our local economy over the past year. And the problem is growing.

Numbers out on Thursday show a continued decline in the amount of oil pumped in our area.

Since this time last year the number of active oil rigs in the panhandle has dropped from 121 to 25 or 79 percent.

That means almost 900 people have lost their jobs.

Those layoffs are already being felt in other sectors -- like the banking industry.

And your checking account is next. The cutbacks aren't just in our area, which means gas prices could continue to climb.

The local oil industry went through a similar cut back in 1994. That one took about a year to turn around.

But leaders say this one is much worse because of political pressure pushing for alternative energy development.