Following big tax windfalls from a decade-long U.S. energy boom, the crash in oil prices has blown open a hole in the budgets of big oil-producing states.
A lot, however, depends on how heavily those states rely on oil tax revenue to pay the bills.
Among the top oil producers, Alaska has been hit hardest by the plunge in crude prices, largely because it relies so heavily on oil taxes.
Though it ranks fifth among oil-producing states, nearly 90 cents of every dollar of the state's operating revenue comes from the oil industry, according to Moody's. With oil prices trading at roughly a third of 2014 levels, Alaska's take from oil taxes has fallen nearly 60 percent from last year. The state faces a $2.7 billion deficit in the current fiscal year.