April 2015, Vol. 242, No. 4

In The News

In the News: Price Declines Lower Tax Revenues in Production States

The Energy Information Administration reported March 12 that the decline in spot oil prices in the last half of 2014 and first month of 2015 has reduced oil and natural gas production tax revenues in some of the largest oil- and natural gas-producing states. Texas, North Dakota, Alaska, and Oklahoma are four of the five top oil-and natural gas-producing states and derive a significant share of their unrestricted operating revenues from taxes on oil and natural gas production. Although California produces more oil than Alaska and Oklahoma, its economy is much larger, making it relatively less affected by changes in oil and natural gas prices and production. Texas collected $583 million

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