Since the summer of 1995, NOAA has operated a long-term energy/carbon flux monitoring station at a natural grassland site within Oklahoma's Little Washita Watershed. Measurements of water and CO2 fluxes are made using the eddy covariance method. Additional site measurements include soil temperatures, net, global and visible radiation, precipitation, surface wetness, and soil moisture. Year to year variability in the annual water and CO2 budgets will be discussed, along with a close examination of the summertime energy and carbon fluxes. The impact of soil moisture on the energy fluxes and the average timescale of plant recovery after an extended period without rainfall will also be discussed.