North Dakota's revenue growth slows due to oil prices

North Dakota's revenue growth is slowing due to falling oil prices and uncertainty over tariffs. A new budget forecast estimates general fund revenues at $5.07 billion for 2025-27, down $105.2 million from January but still 1.4% higher than the current cycle. The forecast assumes oil prices will average $59 per barrel in 2026 and $57 in 2027, with production expected to decline slightly. Lawmakers are advised to adopt a more conservative approach to budgeting, considering potential impacts from tariffs on agricultural commodities. Despite slower revenue projections, state leaders still anticipate property tax reform and increased sales and income tax collections. Budget discussions will continue as lawmakers assess spending needs and priorities.