Five states are getting crushed by low oil prices
http://www.businessinsider.com/five-states-are-getting-crushed-by-low-oil-prices-2015-12
Following big tax windfalls from a decade-long U.S. energy boom, the crash in oil prices has blown open a hole in the budgets of big oil-producing states.
A lot, however, depends on how heavily those states rely on oil tax revenue to pay the bills.
Among the top oil producers, Alaska has been hit hardest by the plunge in crude prices, largely because it relies so heavily on oil taxes.
Though it ranks fifth among oil-producing states, nearly 90 cents of every dollar of the state's operating revenue comes from the oil industry, according to Moody's.
With oil prices trading at roughly a third of 2014 levels, Alaska's take from oil taxes has fallen nearly 60 percent from last year. The state faces a $2.7 billion deficit in the current fiscal year.
Texas, on the other hand, is feeling a lot less budget pain. Though the state is the largest U.S. producer, the state gets about 10 cents of every tax dollar from oil and gas production.
The state also has a much more diversified economy, which helps blunt the impact of lost revenues from energy production. And lower prices have even helped boost revenues, according to Moody's, because lower gasoline prices have helped trigger consumer spending, which has raised sales tax revenue...................................
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