Is It North Dakota’s Turn For Austerity?

The sky isn’t falling, but the oil tax revenue bubble has definitely popped.

The latest revised forecast that legislators have agreed to base the state budget on calls for $42/barrel oil for the rest of the 2013-15 budget, and $45 to $65 dollar oil for the 2015-17 with a $55 average.

This results in a $4 billion reduction in state oil tax windfalls becaus…