Leake Auction Company, Oklahoma State Fairgrounds, Oklahoma City, Oklahoma, February 20-12, 2015
Oklahoma City is one of the centers of the hydrocarbon energy business in America. Downtown is dominated by towers erected by the likes of Devon Energy and Continental Resources.
The city’s periphery is marked by fields full of pipe and heavy equipment, sharp contrast to Oklahoma City’s historic position as a livestock center.
Money has flowed profusely in Oklahoma City in recent years, but it may have been a bit more restricted in February 2015 with oil building up a few miles away in the Cushing pipeline hub at $50 a barrel and the gas that built those big downtown towers struggling find an outlet with prices depressed into the $3/MM BTU range.
That goes a long way to explain the slack performance of Leake’s “Platinum” cars in Oklahoma City this year; if bonuses are down and pink slips are being handed out as exploration and drilling contract fancy car money should be in short supply.
On the other hand the roughnecks were out in force buying middle market cars.
So, while the cars reported here are heavily “Platinum” the auction itself was a rousing success and the disproportionate number of no-sales seen in the individual transaction reports is more a regional aberration than a trend.