{"id":101156,"date":"2015-01-29T15:05:45","date_gmt":"2015-01-29T21:05:45","guid":{"rendered":"http:\/\/www.bismarckcafe.com\/blogs\/?p=101156"},"modified":"2017-04-17T09:38:12","modified_gmt":"2017-04-17T14:38:12","slug":"legislature-lowers-budget-projections-due-to-lower-oil-prices","status":"publish","type":"post","link":"https:\/\/www.bismarckcafe.com\/blogs\/101156\/legislature-lowers-budget-projections-due-to-lower-oil-prices","title":{"rendered":"Legislature Reduces Budget Projections Due To Lower Oil Prices"},"content":{"rendered":"

The State Legislature\u00a0has revised its revenue forecast projections\u00a0in response to the lower oil prices, which threatens\u00a0the number of rigs and workers. According to a Star Tribune article<\/a>, North Dakota’s original 2015-2017 revenue estimate of $8.3 billion\u00a0has been reduced to $4.2 billion – a nearly 50% reduction.<\/p>\n

The Star Tribune article further explains that the original revenue projections were calculated on the basis of oil selling for between $72-$82 a barrel. The revised projections\u00a0are based on $45-$65 per barrel prices.<\/p>\n

The Legacy Fund and “Strategic investment and improvements fund” were among the largest reductions\u00a0in the revised budget.<\/p>\n

Today, oil prices dipped below $44 a barrel – a price\u00a0not seen since March 2009<\/a>. That compares\u00a0to $93 a barrel last year.<\/p>\n

Read the revised forecast.<\/a><\/p>\n

Read more:<\/p>\n