Oklahoma

Oklahoma entered a recession more than a year ago and may still be in one as oil and gas futures trade at less than half of their 2014 peak prices, according to recent economic data.

With dozens of oil and gas company bankruptcies, energy producing states face a growing backlog of abandoned wells as revenue to fix the problems dwindles.

Oklahoma’s recently enacted budget offers positive credit factors for public schools but negative factors for higher education and the state itself, according to Moody’s Investors Service.

Using new criteria, Standard & Poor’s Global Ratings warned that eight federal prisons operated privately for profit could see downgrades or upgrades.

Oklahoma Gov. Mary Fallin voiced regret that the newly approved state budget did so little to solve structural imbalances.

Oklahoma Gov. Mary Fallin announced an agreement with legislative leaders that narrows the state’s $1.3 billion budget gap while averting what she called a “worst-case scenario.”

The trustee firm in many recent troubled bond deals assembled by accused fraudster Christopher Brogdon is taking a harder line against the former employee it blames for its involvement in the mess.

Oklahoma’s monthly collection of tax revenue from the oil and gas industry hit the lowest level since 1999, state Treasurer Ken Miller said.

While the key oil production states of Oklahoma, North Dakota and California have all been hit hard by the drop in crude oil prices, the impact varies at both the state and local government level, Moody’s Investors Service says.

A plan to reduce Oklahoma’s $1.3 billion budget shortfall would include $500 million of bonds for highway projects under a plan announced by Gov. Mary Fallin.