Economy

xchrom

(108,903 posts)

5. Top US Oil States Are Taking A Hit From Plunging Crude Prices

Mon Dec 15, 2014, 07:27 AM

Dec 2014

http://www.businessinsider.com/r-early-slowdown-signs-emerge-for-us-oil-states-after-crude-slide-2014-12

(Reuters) - After leading the U.S. economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices.

In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 percent, in home sales next year.

Alaska's 2015 fiscal year budget revenue forecast will have to be lowered by almost $2 billion, according to Fitch Ratings, because of the sharp drop in the state's forecast crude prices. That will widen Alaska's budget gap to almost $3.4 billion, Fitch said in a Dec. 11 report.

States such as Texas, North Dakota, Alaska, Oklahoma and New Mexico are all likely to feel strains next year, Wells Fargo Securities municipal analyst Roy Eappen said in a recent report.

Read more: http://www.businessinsider.com/r-early-slowdown-signs-emerge-for-us-oil-states-after-crude-slide-2014-12#ixzz3Lxt5lTcR

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