Originally published on Fri July 12, 2013 11:55 am
The morning's major economic news:
-- Inflation. Wholesale prices rose 0.8 percent in June from May, fueled by a 2.9 percent surge in the price of energy products, the Bureau of Labor Statistics says. As drivers can confirm, a 7.2 percent jump in the cost of gasoline was responsible for most of that boost.
The House has passed a scaled-down version of a massive farm bill, putting off a fight over food stamp spending and giving Republican leaders a victory after a decisive defeat on the larger bill last month.
All five members of Oklahoma's Congressional delegation joined their GOP colleagues in voting for the bill.
U.S. Rep. Frank Lucas (R-Okla.) is the Chairman of the House Agriculture Committee. He said in a statement he was pleased the bill made it through his chamber.
Of the many ideas for changes to state policy following May’s deadly tornado outbreak —changing building codes to make public structures safer, requiring shelters in new school buildings, providing money to upgrade schools without shelters — the one that has the best chance of actually happening is ‘tornado days.’
Local superintendents don’t need any approval to cancel school in the winter— or spring, when sunny weather can quickly turn violent.
Oklahoma finance officials say major tax breaks handed out to the oil and gas industry during the economic downturn in 2010 cost the state $321 million last fiscal year.
Secretary of Finance Secretary Preston Doerflinger released figures Wednesday that show tax rebates and refunds for drilling totaled $173 million in the fiscal year that ended June 30, while state tax credits cost an additional $148 million.
The huge drain on state coffers has prompted Doerflinger and other state leaders to call for revisiting the tax credits, especially those for horizontal drilling.
Oklahoma Attorney General Scott Pruitt is seeking a new hearing before a federal appeals court that overturned a man's murder convictions and death sentences.
The court ruled the slayings occurred in Indian Country and the state lacked the authority to prosecute. Pruitt's office is asking the 10th Circuit Court of Appeal to reconsider the decision it handed down last month.
In 2004, 50-year-old David Magnan pleaded guilty in state court to three counts of first-degree murder and was sentenced to execution. The shootings occurred in rural Seminole County.
With 20 bodies found so far and an additional 30 people still unaccounted for, that means the death toll is expected to be around 50. Authorities are telling the families of the missing to prepare for the worst.