America's oil states show early signs of slowdown
Many companies have announced layoffs and are cutting spending plans
Los Angeles
AFTER leading the US economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices.
In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 per cent, in home sales next year.
Alaska's 2015 fiscal year budget revenue forecast will have to be lowered by almost US$2 billion, according to Fitch Ratings, because of the sharp drop in the state's forecast crude prices. That will widen Alaska's budget gap to almost US$3.4 billion, Fitch said in a Dec 11 report.
States such as Texas, North Dakota, Alaska, Oklahoma and New Mexico are all likely to feel strains next year, Well…
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