State agencies in Oklahoma may be facing budget cuts of at least 10 percent in part because of the pressure from lower oil prices, the governor said. “We’ve seen a 70 percent drop in oil prices in less than two years, which has a tremendous impact on our revenue,” Oklahoma Gov. Mary Fallin said in her annual State of the State address. “There is an excess supply of oil and natural gas in the marketplace, and instability in worldwide markets doesn’t help.” In 2014, when oil prices were near $110 per barrel, Oklahoma had one of the fastest growing economies in the United States. With oil near $30 per barrel, the state has a […]