S&P: Downturn in energy production hits budgets in 6 states
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January 25, 2017
Six of the country's major energy-producing states have slipped into recession after a sharp decline in production and exploration over the last 18 months caused their tax revenue to plummet and job growth to stagnate, according to a financial analysis released Tuesday.
Alaska, Louisiana, New Mexico, North Dakota, Oklahoma and Wyoming each saw negative growth during the most recent fiscal year, according to the report from S&P Global Ratings.
"Initially, the downturn was felt in state finances," S&P analyst Gabe Petek said. "Now this has really spread throughout their economies and highlights...
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