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High supplies seen capping oil prices until early 2017

High supplies seen capping oil price until early 2017

PARIS (AP) — A glut of oil will keep prices from rebounding until next year, much later than previously forecast, experts at the International Energy Agency said Monday. A year ago, the IEA, a Paris-based organization of 29 major oil importing nations, had forecast a “relatively swift” recovery. Instead, oil prices have continued to fall, reaching a level below $30 ...

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Chemical association appeals ruling on business tax change

BATON ROUGE, La. (AP) — The chemical industry is pressing ahead with its lawsuit challenging a tax change aimed at raising tens of millions of dollars to balance the state budget, adding more uncertainty to Louisiana’s already fragile financial situation. A Baton Rouge judge ruled against the Louisiana Chemical Association in December, saying lawmakers properly approved the temporary suspension of a ...

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Watford City sustains growth despite downturn

McKenzie County is still seeing growth, despite recent layoffs and budget cuts that have dominated recent news headlines. While drilling has indeed slowed, production holds steady. As a result: permanent jobs and a steady stream of economic growth in the region. People might not be flocking to the Bakken like they were two years ago, but population in McKenzie County ...

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Oklahoma budget hole jumps to $1.3 billion amid downturn

"Foggy Bottom Pump Jack" in Duncan, Oklahoma. (Image: duggar11 via Flickr)

OKLAHOMA CITY (AP) — Oklahoma finance officials say the hole in next year’s budget has increased to $1.3 billion, or nearly 20 percent of last year’s spending, amid depressed oil prices. The Office of Management and Enterprise Services announced Thursday that plunging revenue collections have widened the shortfall from the original projection of $900 million in December. A state panel ...

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Louisiana’s current budget woes mirror 1988 financial gaps

BATON ROUGE, La. — A new Louisiana governor inherits a massive budget mess, a state struggling with years of red ink that his predecessor patched through rather than fixing. Now, government services are on the chopping block, threatened with hefty reductions. Sound familiar? That was the scene when Buddy Roemer took over as Louisiana’s governor in March 1988. And it’s ...

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Louisiana editorial roundup

Recent editorials from Louisiana newspapers: ____ Feb. 10 The Times-Picayune on offshore oil revenue: There are some numbers that everybody concerned about Louisiana’s eroding coast knows offhand. Every 38 minutes, the state loses about a football-field-sized chunk of land. In 2017, the state is scheduled to receive 37.5 percent of the royalties that come from offshore oil and gas exploration ...

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Energy loans likely to cause further losses for big banks

FILE - This June 12, 2014 file photo shows an oil rig and pumps in Watford City, N.D. State data shows the number of rigs drilling in North Dakota's oil patch has dropped below 60 for the first time since 2009. Fifty-nine rigs were operating in western North Dakota's oil-producing region on Monday, Jan. 4, 2016. That's down from 171 rigs on the same day one year ago due to slumping oil prices. (AP Photo/Charles Rex Arbogast, File)

NEW YORK — The nation’s six largest banks have hit an oil slick. They have tens of billions of dollars of exposure to risky energy loans that won’t all be paid back because low oil prices have sapped the profits of oil companies. The value of those loans will have to be written down even further, and bank profits are ...

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Mississippi close to landing big industry

Mississippi Map

JACKSON, Miss.— Mississippi could be days away from landing a major industrial project, as pieces of the recruitment effort including special utility rates and incentive legislation are moving forward. The state Public Service Commission voted 3-0 Tuesday to allow Energy Mississippi to offer a special electrical rate to an unnamed industry. Cecil Brown, Democratic Central District public service commissioner, said ...

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Facts and figures show the impact of low oil prices

Lonely gas station with palm tree

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: ...

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