Recession swamped six of the eight biggest oil-pumping U.S. states in 2016, according to a new report that illustrates the damaging effects of the global commodity’s slide on American energy.
Despite recent gains in oil prices following the Organization of the Petroleum Exporting Countries’ decision to cut production, petroleum’s rough ride in 2016 tripped Alaska, Louisiana, New Mexico, North Dakota, Oklahoma and Wyoming into recession, according to the S&P Global Ratings report.
The report, which estimated economic output for 2016, concluded that Texas and Montana barely avoided recession with slight increases in growth.
Continue to usatoday.com article: http://www.usatoday.com/story/money/2017/01/24/us-oil-states-recession-energy-industry-petroleum/96983110/
