State finance official in Oklahoma are worried about the plummeting price of crude. State ImpactOklahoma reports they are projecting budget cuts and potential job losses.
In the oil field, some energy companies are slashing spending while others try to weather what they hope will be a short downturn.
Gov. Mary Fallin met with top officials in December to certify tax revenues for state budget planning. Estimates now show a revenue loss of about $300 million. If oil prices stay low, state agencies could face steep cuts.
Mark Snead is the President of Region Track, the organization providing forecasting and analysis for the Oklahoma Tax Commission.
He says the oil industry is “by far the largest single source of tax revenue to the state.”
He is currently advising lawmakers to build a budget with $60-a-barrel oil in mind.
Budget numbers will be reviewed again next month.