THINK OF IT AS AN EIGHT-MILLION DOLLAR DAY. THE PRICE OF CRUDE OIL DROPPED NEARLY A DOLLAR A BARREL MONDAY. IT’S NOT WHAT LAWMAKERS IN SANTA FE LIKE TO SEE. THAT’S BECAUSE A ONE DOLLAR DROP IN THE PER-BARREL PRICE OF CRUDE TRANSLATES TO A 7 AND A HALF-TO- EIGHT MILLION DOLLAR REDUCTION IN STATE REVENUE.
STATE SENATOR JOHN ARTHUR SMITH SAYS THEY MIGHT HAVE TO REVISIT THE BUDGET DOWN THE ROAD IF OIL PRICES CONTINUE TO DROP. HE SAYS HE’S SURE NEITHER THE EXECUTIVE OR THE LEGISLATIVE BRANCH WANT TO CONSIDER A SPECIAL SESSION, BUT THAT’S WHAT THEY MAY HAVE TO ACCEPT GIVEN THE PRICE OF OIL TODAY.
HE SAYS, AS THE SESSION WINDS DOWN, THEIR PRIORITY IS TO MAKE SURE SCHOOL DISTRICTS CAN SET THEIR OWN BUDGETS AS THEY PREPARE FOR CONTRACTS WITH TEACHERS.
