{"id":17453,"date":"2016-02-05T13:40:52","date_gmt":"2016-02-05T18:40:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17453"},"modified":"2016-02-05T13:40:52","modified_gmt":"2016-02-05T18:40:52","slug":"north-dakotas-economy-has-been-completely-devastated-by-oils-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17453","title":{"rendered":"North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse"},"content":{"rendered":"

North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse<\/a><\/h3>\n
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Yesterday,\u00a0on the way to documenting<\/a>\u00a0the malaise China\u2019s hard landing has inflicted on Minnesota\u2019s mining country, we discussed the dramatic impact falling crude prices have had on the American and Canadian oil patches.<\/p>\n

Take Texas, for instance, where a year of crude carnage has wreaked havoc upon what, until last year anyway, was the engine driving the \u201crobust\u201d US labor market. \u00a0As we showed in November, layoffs in Lone Star land far\u00a0outrun job losses<\/a>\u00a0in any other state. In Houston (which was already staring down a worsening pension crisis), vacant office space is \u201cpiling up.\u201d As\u00a0WSJ wrote last week<\/a>, \u201cthe amount of sublease space on the market in the Houston area hit 7.6 million square feet, or the size of more than two Empire State Buildings.\u201d<\/p>\n

\u201cThe unemployment rate in Texas rose sharply to 9.2% in 1986, an all-time high for the state,\u201d Goldman wrote recently, recalling a previous period of low oil prices in a note entitled \u201cHow Bad Can Texas Get?\u201d<\/p>\n

\u201cReal house prices fell 30% peak to trough, and the number of bankruptcy filings (including both business and non-business filings) more than doubled from 1984 to 1986,\u201d the bank added.<\/p>\n

North of the border, things are even worse. As regular readers are no doubt aware, Alberta is a veritable nightmare as suicide rates rise, the number of jobless multiplies, food bank usage soars, and property crime in Calgary spikes.<\/p>\n

\u201cLower for longer\u201d has been a disaster for many state and local governments in the US, as revenue projections devised before oil\u2019s historic plunge prove increasingly optimistic.<\/p>\n

Take Louisiana for example, where Lt. Gov. Jay Dardenne recently announced that the state is facing a $750 million deficit.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

North Dakota’s Economy Has Been “Completely Devastated” By Oil’s Collapse Yesterday,\u00a0on the way to documenting\u00a0the malaise China\u2019s hard landing has inflicted on Minnesota\u2019s mining country, we discussed the dramatic impact falling crude prices have had on the American and Canadian oil patches. Take Texas, for instance, where a year of crude carnage has wreaked havoc […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1928,4333,441,12247,600,12248,9930,670,683,701,3944,824,4318],"class_list":["post-17453","post","type-post","status-publish","format-standard","hentry","category-economics","tag-budget-deficit","tag-crude","tag-iran","tag-lone-star","tag-opec","tag-pension-crisis","tag-personal-income","tag-recovery","tag-reuters","tag-saudi-arabia","tag-tax-revenue","tag-unemployment","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17453"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17453\/revisions"}],"predecessor-version":[{"id":17454,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17453\/revisions\/17454"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}