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Tax Tips & News: oil

Why Low Oil Prices Are Bad News for State Budgets

4 minutes read

Low Oil Prices Aren’t Good For Everybody

While many states rely heavily on taxes levied on the oil and gas industry, the falling price of oil in recent months is contributing to the drying-up of much-needed tax revenues. How do states such as Alaska, Texas and other mineral-rich states get creative when they need to supplement their budgets? Here’s a quick look at why low oil prices are bad news for state budgets.

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