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Falling oil prices could impact Louisiana’s budget

Source: kalb.com - Mar 12, 2020

BATON ROUGE, La. (WAFB) - As concerns over infectious diseases and overseas political spats drive oil prices down, Louisiana lawmakers are cautiously watching to see whether it will impact budget negotiations.

Every time the price of an oil barrel drops by $1, Louisiana loses an average of $12 million in direct tax revenue, legislative economist, Greg Albrecht, says. Some of that lost revenue would be offset by other factors resulting from low oil prices.

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Category: General Business