Secretary of Finance: Don’t be Alarmist About Gas, be Optimistic About Oil
Low natural gas prices are a worry, but they shouldn’t lead to a state budget hole, says Secretary of Finance Preston Doerflinger.
“In fact, we’re expecting to end this fiscal year with a surplus that could exceed $300 million,” he said in a statement.
Why? Mostly because of oil.
“”We’ve seen record sales tax collections this year, no doubt driven in part by the boom in the oil patch, which has been spurred by enhanced drilling techniques,” Doerflinger said. “The economic activity generated by the upsurge in the oilfields, plus growth in other areas of our economy, should easily offset any revenue loss from declining natural gas tax collections.”