The State Journal – West Virginia is no stranger to the effects the boom-and-bust cycles of coal and natural gas can have on an economy. Read
The Mountain State, which has largely been reliant on coal and natural gas production for decades, is struggling to stay afloat. Low fuel prices and weak global markets have caused extraction companies to slash capital spending and, in some cases, close their operations entirely.
But West Virginia isn’t alone.
Nearly a dozen states in the nation rely on some sort of fossil fuel extraction, including oil and shale gas, leaving them all vulnerable to these volatile markets.
With crashing oil and gas prices causing employment to decline and U.S. active rig counts to drop to record lows, a recent study out of the Brookings Institution highlighted the need for these fossil fuel-reliant states to find ways to not only minimize the devastating impacts of market busts, but also to develop a way to ensure long-term prosperity.