Associated Press

State Budget Director Pam Sharp says the state is working with its economic consulting firm on a new set of revenue projections that take into account world oil prices that are roughly half what they were in July.

The new outlook will be used for Gov. John Hoeven's budget recommendations in December.

The state budget forecast released in August pegged oil prices at $95 per barrel.

Sharp says the price of oil has dropped but state production is a little higher than projected. She says that as of the end of September, the state was tracking well with oil projections.

Oil tax revenue generated some $33 million for the state last month alone.