Which are the states getting hit hardest as the global oil glut and price crash plays out across the months? Some may surprise you, and some may be impacted harder than imagined.
CNBC correspondent John W. Schoen notes that although Alaska, for instance, 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. Schoen writes:
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.