North Dakota is revamping the way it taxes the oil industry amid the recent slump in oil prices, aiming to tone down big fluctuations in tax revenue. The state, the second-largest oil producer after Texas, is already experiencing lower revenue because of falling oil prices. Republican Gov. Jack Dalrymple late Wednesday signed a tax-overhaul bill that was passed in the final days of the legislative session, as concern grew that the state could miss out further on oil-tax collections because of a provision that drops a tax rate to zero for most wells when prices stay below a certain threshold. North Dakota’s tax system was designed more than two decades ago to give oil producers an incentive to keep pumping during price slumps. But the boom of recent years means that changes in […]