US Oil Producing States Struggling for Growth at Current Prices

The oil bust is ending the boomtown party in America’s energy states.
After leading the nation’s comeback story during the recovery, many energy-focused states lost a lot of their momentum in 2014, according to a new report from the Commerce Department.

A barrel of oil was worth $100 in August, but fell to $54 by the end of last year due to a global glut in the oil supply. For many states such as South Dakota, Oklahoma and Wyoming, that’s bad news.

“The fall in oil and gas prices has had huge effects in states like that,” says Michael Canes, an distinguished fellow at the Logistics Management Institute in Virginia. He added: “People take a big hit, that’s just a sad fact of life.”

via CNN

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza