BISMARCK, N.D. (AP) – The North Dakota Legislature’s decision to loosen the state’s Depression-era ban against corporate farming and the University of North Dakota’s new nickname were big news in the state in 2015. But the year’s top story was slipping oil prices and the slowdown in the state’s oil patch.<\/p>\n
The price of North Dakota sweet crude has fallen by half from a year ago and the number of drill rigs has dropped by two-thirds. And that’s been bad news for state government. Overall tax revenues are already $152 million less than projected for the two-year budget cycle that began on July 1.<\/p>\n
Most of the drop comes from weakened sales tax revenue due to a decline in drilling. Sales tax provides the biggest share of the budget for North Dakota government.<\/p>\n","protected":false},"excerpt":{"rendered":"
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