OKLAHOMA CITY (AP) - A $900 million hole in Oklahoma's 2016 budget and projected shortfall for the last six months of 2015 could deepen if the price of oil and gas remain low.
The price of oil has been hovering around $35 per barrel for nearly two weeks, while forecasters have predicted an average price of $42.83 for the rest of the current fiscal year.
The projected price of oil for the fiscal year that begins July 1 is $53.57, according to the Oklahoma Tax Commission.
One economist says the $53.57-a-barrel projection is a "little optimistic," but noted it's just his guess.
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