Some states relied more on the most recent energy boom than others, and some prepared more for the inevitable bust. A report by the Brookings Institution recommends actions for energy states to build resilience in the face of boom and bust cycles.
An article by Mike Maciag details strategies energy states could use to weather the boon and bust cycles of their economies. After noting the recent financial troubles of Alaska, North Dakota, and Louisiana, Maciag shares news of a report recently released by the Brookings Institution, which calls on states "to rethink how they’re collecting and spending severances taxes derived from natural resources." In fact, "States can do a better job, the report authors say, of channeling oil revenues to stable trust funds that better weather the boom-and-bust cycle."
Specifically, the report "recommends that a portion of states’ annual severance tax revenues be diverted to permanent trust funds"—steps eight states have taken so far. Maciag details the experience of Pennsylvania and Ohio, "two oil-rich states that levy little or no severance taxes" and have had trouble navigating the politics of implementing new taxes.
As for states that have already established trust funds, the report "further [outlines] a series of recommendations for states that have already established trust funds," including "a solid governance framework, clear investment strategy, transparency standards and well-defined fiscal rules…"
FULL STORY: How Energy States Could Better Weather the Boom-and-Bust Cycle
In Historic Move, L.A. County to Phase Out Oil Wells
The long history of oil extraction in the nation's most populous county is entering its final chapter.
Gov. Newsom's Phase-out of Oil Production Prompts Backlash in Kern County
Almost 80% of oil extraction in the nation's sixth largest oil-producing state occurs in Kern County. Supervisors see the California governor's climate plan to reduce oil production as a threat to the county's economic well-being.
West Texas Drilling Boom Bodes Ill for Residents, the Planet
Driven by foreign demand, a surge in West Texas oil production is having adverse effects on the local populace, and contributes to climate change at a crucial moment.
Research Links Urban Design and Human Happiness
An emerging field of ‘neuroarchitectural’ research is revealing how building facades and urban design impact the human brain and body.
Reimagining Your Street
How to use free online tools to redesign your local streetscape.
Research: Sprawl Linked to Poverty
Low-income families living in high-sprawl neighborhoods are limited in their access to education, jobs, and other amenities, often trapping them in a cycle of poverty.
Washington Lawmakers Eye Rent Stabilization
Democrats are pushing for a statewide rent stabilization bill that would give renters some protections while offering more flexibility for landlords than blanket rent control policies.
Wildfires Devastate LA Outdoor Education Spaces and Schools
The current Los Angeles wildfires have destroyed schools and outdoor education spaces like Eaton Canyon, displacing families and disrupting vital learning and community resources while highlighting the region’s vulnerability to natural disasters.
Research Affirms Safety of ‘Idaho Stop’
Allowing cyclists to treat stop signs as yield signs does not negatively impact safety and can help people on bikes more effectively navigate roadways.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Ada County Highway District
Charles County Government
Resource Assistance for Rural Environments
Chaddick Institute at DePaul University
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service
City of Cambridge, Maryland
Newport County Development Council: Connect Greater Newport