Oil-Producing States Battered as Tax-Gushing Wells Are Shut Down
- Louisiana, Alaska, Oklahoma face rating cuts because of impact
- Energy regions left behind as fiscal recovery gains steam
The Kern River Oil Field in Bakersfield, California.
Photographer: Mark Ralston/AFP via Getty ImagesThis article is for subscribers only.
In Kern County, California, one of the nation’s biggest oil producers, tumbling energy prices have wiped more than $8 billion from its property-tax base, forcing officials to tap into reserves and cut every department’s budget. It’s only getting worse.