EIN News says, "Budget Pain Spreads to Energy-Rich States. Energy-rich states, flooded with cash last year when oil and natural-gas prices soared to record highs, are now being drained as gas prices plunged to a seven-year low Friday. In Texas, revenue from gas-production taxes has fallen 43% from last year, costing the state more than $1 billion in lost revenue. In New Mexico, lawmakers are scrambling to close a $433 million budget gap even as they worry the gap could widen if gas prices stay low. In Oklahoma, the state government is furloughing employees and cutting school budgets. (wsj.com)".
Government should not have taxed those industries to pay for its bloated operations. It's time now to pay the piper.
Notice the statement that there is "$1 billion in LOST revenue". Government didn't lose any revenue. Government just didn't receive revenue it THOUGHT it was entitled to.
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