The low price of crude oil is expected to contribute to further contractions in Colorado employment and state revenues, the government’s fiscal report said. The state revenue and economic forecast for September said revenue should increase 3.9 percent through fiscal year 2016, a 0.8 percent contraction, or $78.9 million, from a June forecast from the state. “The lower forecast is mostly due to slightly slower job and income gains in the state than projected in June, the recent declines in the stock market, and further weakening in oil prices that will lower income tax revenue from royalty payments,” the report said. Data from oil field services company Baker Hughes show Colorado’s upstream energy sector, as reflected in the number of […]