North Dakota, New Mexico and Other States Being Hit Hard by Drop in Oil Revenue

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Layoffs continue in the oil fields. Unemployment has hit many families. I got a notice from one of my friends yesterday that he lost his job in the oil fields of Texas.

New Mexico is facing a huge drop in oil revenue, where layoffs are also taking place.

Democrats in New Mexico would love to legalize pot to create millions in tax revenue.Gas prices When you dance with the devil, you are no friend of God.

For months we here at FGGAM have warned you of an economic downturn, worse than 2014. Be prepared.

North Dakota lawmakers are now expecting billions less in tax revenue during the next two and a half years.

Dropping oil prices are the cause of this backlash.

A report from the North Dakota Legislative Council downgrading revenue projections by $5.5 billion points mostly to the impact of oil tax exemptions the Legislature previously failed to reform.

During the 2013 legislative session multiple bills to eliminate the exemptions in exchange for lower top rates were rejected. Now plunging oil prices are expected to invoke those triggers causing a multi-billion swing in the state’s expected revenues.

In early January, lawmakers began their 2015 session under what was described as a “black cloud” of oil price concerns. Now a projection released by lawmakers Thursday expects the state to lose $680 million in income and sales tax revenue between now and June 30, 2017.

North Dakota likely will lose another $4.8 billion in oil and gas tax revenue during that same period.

As we pay less for our gas, let us pray for the growing number of unemployed oil field workers.

More here:

NM Democrats Answer to Falling Oil Revenue: Pot, Money and The Devil

Remember, Politicians of this day only tell you what you want to hear, not what you need to hear!

A MUST READ!

Too Many Americans Simply Don’t Give a Hoot About The Truth

4 COMMENTS

  1. Low prices are good for the general public but not for those that depend on the oil for their lively hood like my husband. Please continue to pray for all those men and women that have lost their jobs because of the oil prices.

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