Legislators in a handful of oil-rich states are struggling to do the seemingly impossible as the 2016 fiscal year draws to a close this week: balancing their budgets, as required by law, despite massive declines in revenues due to falling oil prices.
The National Conference of State Legislatures says nearly a dozen states still had not enacted budgets for the new fiscal year as of mid-June. Some — including oil states Louisiana and Alaska — are facing a full-blown budget crisis. Even after painful cuts, budget gaps in those two states alone total nearly $4 billion.
The low oil prices that are roiling state capitals could also shake up CNBC's 10th annual America's Top States for Business rankings, where our Economy category considers factors like economic growth, job growth and state fiscal conditions. (See our methodology here.) These are some of the states that could find their economies and their rankings oil-rigged in 2016.