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North Dakota’s oil bust blows $1 billion hole in state budget

February 3, 2016 /

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North Dakota’s oil boom has gone bust, leaving the state government with a gaping $1 billion hole in its two-year budget.

Plunging oil prices are a massive problem for a tiny state like North Dakota. The shortfall, released in new budget estimates on Monday, represents more than 20% of its tax revenues for the budget cycle that started last July. The state is scrambling to come up with spending cuts, and dipping into savings in order to keep its government up and running.

By Chris Isidore

Full Story: http://m.nbcmontana.com/money/north-dakotas-oil-bust-blows-1-billion-hole-in-state-budget/37775142