North Dakota, by comparison, is feeling less pain from the loss of oil taxes.
As home to the Bakken oil field and one of the biggest beneficiaries of the modern U.S. oil and gas boom, North Dakota has also enjoyed a tax windfall from a surge in energy production taxes. As of last year, these so-called severance taxes made up more than half of the state's revenue.
But North Dakota has insulated itself somewhat from the crash in oil prices, largely because its windfall came relatively recently. That meant it's had less time to find ways to spend those oil and gas riches. The state has also reduced its reliance on energy revenues with a cap on oil revenues of $300 million every two years.
"(North Dakota) hasn't overspent," said Moody's Cochrane. "They've been very, very cautious and conservative in their in budget projection and their projection for what they energy revenue might be."
Among major oil and gas producer, Texas also has escaped relatively unscathed so far.
Though the state is by far the largest U.S. oil producer, and the biggest beneficiary of oil and gas taxes in dollar terms, the state has a much wider tax base than other oil states. Only about 10 cents of every tax dollar in Texas comes from oil and gas production, which has helped ease the pain as those revenues have dried up.
The state also has a more widely diversified economy than other energy producers, which helps blunt the impact of lost jobs and investment in energy production. As a result, Texas is producing jobs faster than other big energy producing states, which has helped ease the economic impact of the oil price crash.
Neighboring New Mexico, the sixth-largest oil-producing state, has also fared relatively well, in part because it relies less on oil and gas taxes. And oil production has continued to rise, helping to offset the drop in oil prices.
Other oil-producing states face varying degrees of economic and budget pain. Louisiana, which counts on oil taxes for 16 percent of its general fund, has cut revenues projections for the 2015 and 2016 fiscal years by more than $300 million because of lower oil prices, according to Moody's.
In Louisiana, Democratic Gov. John Bel Edwards has proposed a series of measures to close a state budget gap estimated at nearly $750 million by Fitch.
Oklahoma has also seen oil revenues dry up, and state lawmakers are projecting a shortfall of more than $1 billion in the state's $24 billion budget. The funding gap is expected to widen next year. To help fill the gap, the state's board of education voted in January to cut $47 million about 3 percent — from public education spending. That gives the state's school districts less than six months to make the cuts needed to hit those targets.
As they struggle to make up for lost tax revenues, oil-producing states are also holding out hopes that the oil prices may yet recover and help restore budget balance. But with the world awash in oil, the result of the production boom that generated the windfall for states in the first place, most forecasters believe that's wishful thinking. (The latest Energy Department forecast, for example, sees crude oil prices rising to just $40 a barrel through next year.)
At that price, oil producing states will continue to face the economic and political fallout from the unwinding of their energy windfall for the foreseeable future.
"That's the resource curse," said Cochrane. "Especially when a government becomes overreliant on a single resource."
Correction: This story was revised to correct that it was Louisiana Gov. John Bel Edwards who proposed a series of measures to close the state's estimated budget gap of nearly $750 million.
Updated: This story was updated to reflect that Alaska now has a $4.1 billion budget deficit.