US Oil Crisis Leading Oil-Dependent States Toward Recession

The phrase "oil curse" typically refers to developing countries that are economically and politically dependent on the black gold for stability. But more recently the term has been used to describe US oil-dependent states that are being plunged into a recession by falling prices.

Alaska, Louisiana, Oklahoma and North Dakota all face billion-dollar-plus budget deficits as tumbling oil prices tear away severance taxes, MarketWatch reports. How these states weather this storm could largely determine their fiscal futures for the next decade, experts say.

Though oil prices are recently on the rise thanks to OPEC's deal to limit supply, the rise hasn’t come close to closing the gap—oil prices are still down 60% from 2014 highs. [MW]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Blue Owl Reportedly Planning Data Center REIT

HUD Wants To Make It Easier To Bring Private Capital Into Public Housing

Private REIT Closes $650M Refinancing Of 549-Property Daycare Portfolio

Buc-ee's Convenience Store Star Fades As Visits Slip

Walker & Dunlop On Why The Housing Market Is More Balanced Than It Appears

Retailers Charging Ahead With EV Stations Despite Policy Pullback

U.S. Office Sales Show 31% Year-Over-Year Growth

Data Center Demand Doubles, Fueling New AI Boomtowns

Hall Of Fame Running Back Emmitt Smith Sued Over Failed Texas Solar Project

Becknell Taps JLL IPT Veteran To Boost REIT's Selling Group

American Healthcare REIT On A $1.5B Senior Housing Buying Spree

Joss Realty CEO, Executives Join Another Company's Real Estate Division