This week, oil prices dropped below $50 for the first time since February, a development that could upend the state’s predictions of oil revenue for this year.
Estimates from the Comptroller of Public Accounts put oil prices at an average of just over $64 per barrel in 2015 and 2016. And, as of now, those predictions are rosier than the reality of the market, meaning the state’s loss in oil and gas tax revenue could impact the Texas budget going forward.
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