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Call to Action for a Truly Sustainable Renewable Future
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-Include high octane/high ethanol Regular Grade fuel in EPA Tier 3 regulations.
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Home » Alaska, Business News/Analysis, Louisiana, New Mexico, North Dakota, Oklahoma, Opinions, Texas

Early Slowdown Signs Emerge for U.S. Oil States after Crude Slide

Submitted by on December 15, 2014 – 2:45 pmNo Comment

by Tim Reid (Reuters)  … In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 percent, in home sales next year.

Alaska’s 2015 fiscal year budget revenue forecast will have to be lowered by almost $2 billion, according to Fitch Ratings, because of the sharp drop in the state’s forecast crude prices. That will widen Alaska’s budget gap to almost $3.4 billion, Fitch said in a Dec. 11 report.

States such as Texas, North Dakota, Alaska, Oklahoma and New Mexico are all likely to feel strains next year, Wells Fargo Securities municipal analyst Roy Eappen said in a recent report.

Responding to a more than 40 percent drop in crude prices since June, at least a dozen U.S. energy companies have cut spending plans for next year – bad news for states that rely on jobs, wealth and tax income they provide.

Houston-based Hercules Offshore Inc (HERO.O) recently notified the authorities of planned “mass layoffs.” In an Oct. 30 letter, a copy of which has been obtained by Reuters, the company said it would be permanently laying off 324 workers in its Gulf of Mexico operations due to the anticipated closure of four rigs.

The number of well permits fell almost 40 percent nationwide in November, according to industry data firm Drilling Info Inc., which means fewer jobs and less related business.

Another concern is dwindling sources of funding that would help companies ride out the downturn. Prices of some of the junk-rated bonds that helped energy companies finance their expansion during boom years have been tumbling and banks in oil-producing regions are expected to curb lending to the energy sector.  READ MORE and MORE

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