OKLAHOMA CITY (AP) — One of the nation's top ratings services is predicting more economic "pain on the horizon" for Oklahoma amid slumping energy prices that are leading to dwindling tax collections.
As part of its research into the effect of low oil prices on key oil producing states, Moody's Investors Service released detailed reports Tuesday on California, North Dakota and Oklahoma.
The reports show North Dakota and Oklahoma, along with local governments in the states, are suffering from declining revenue collections from various taxes, including income, sales and severance taxes.
Moody's Associate Vice President Julius Vizner predicts in the report more economic pain on the horizon as the rest of Oklahoma's economy contracts as a result of less drilling activity.
Moody's expects oil prices to remain depressed in the near future.