From ‘Fiscal Apocalypse’ To ‘Meh’ : Oil States Respond To Price Slide

Budgets of oil states are going to be hard hit by the recent slide in oil prices. Measured in dollars, Texas is the clear loser, but in terms of actual on-the-ground impacts, it’s not quite so simple. In the country’s number two oil producing state, North Dakota, falling prices have barely caused a ripple, while in Alaska (ranked fourth), lawmakers are calling it a “fiscal apocalypse.”

The Boom: Short-Term Gain, Long-Term Pain

The United States has been experiencing an oil and gas boom for the last five years. It has helped the country’s economic recovery and created thousands of jobs for people in states like North Dakota, Wyoming and Texas. But although booms are often heralded for the economic opportunities they provide, they also have a darker side.

Chasing The Oilfield Boom With Family In Tow

Think of oil and gas towns and family-oriented probably doesn’t come to mind. They’re more likely to conjured images of transient workers, crime and RV parks. But plenty of oilfield workers do move to town with their families

As Traffic Accidents Spike In Boom Areas, Towns Struggle To React

Update: On Tuesday February 17th, the Wyoming House of Representatives and Senate both defeated amendments to put more money into safety upgrades on Highway 59. Governor Matt Mead had asked for $21 million to add more passing lanes on the highway, but the Joint Appropriations Committee agreed to just $17 million to fund repairs on both Highway 59 and U-S 20/26.  Lawmakers said revenues associated with falling oil prices have made the state reticent to spend money. If you ever take Wyoming Highway 59 between Douglas and Gillette, you might have noticed that recently there are more state troopers giving out more citations. In addition to this increased police presence, Governor Matt Mead has proposed nearly 22 million dollars in safety upgrades.

The Bust: A Difficult Cycle To Break

Oil prices have been in freefall in recent months, dropping by more than half since June. For energy states, that’s bad news. The American West has a long tradition of booms and busts, and in some states, like North Dakota and Wyoming, they continue to be a defining feature of the economy. But do they have to be?