Oklahoma

Although oil and gas revenues remain low, Oklahoma saw signs of hope for recovery in June.

With data from the two worst months of the year so far, state and local analysts are beginning to size up expected revenue losses.

Oklahoma lawmakers stood their ground after Gov. Kevin Stitt vetoed the budget and diversions from pension funds and transportation.

The steep drop in revenue does not yet reflect the collapse in oil prices, Oklahoma Treasurer Randy McDaniel said.

The state will cut its budget no more than 4% amid a revenue crisis, legislative leaders announced.

After the unprecedented collapse an oil futures contract into negative territory, the leading oil producing states face budget uncertainty.

Lawmakers granted Kevin Stitt authority to shift money where it's needed amid a coronavirus-driven fiscal crisis.

Bond-financed student housing was already facing headwinds when the COVID-19 crisis sent most tenants home.

After eight oil-producing states recovered from the 2014 oil price collapse, they face another downturn, S&P Global Ratings said.

Less than six years after the last oil price collapse, producing states of the Southwest are facing another sharp drop and the prospect of recession.