CHEYENNE — Energy-producing states around the country are feeling the sting of lower prices for oil, natural gas and coal as they struggle to cover budget plans they made when they were flying high.
Many energy-producing states are dipping into their savings to cover state budgets established when energy prices were higher.
Wyoming is the nation’s leading coal-producing state. Republican Gov. Matt Mead says the state needs to brace for falling revenues as demand slips nationwide.
Alaska relies heavily on oil revenues. The state has been hit hard by low oil prices and currently faces an estimated budget gap of about $3.5 billion.
Lawmakers in Oklahoma recently raided the state’s constitutional Rainy Day Fund for about $150 million to help cover its current budget.