It’s not just Venezuela: The U.S. has its own petro-states and petro-towns

 The world’s major oil exporters -- including Nigeria, Venezuela, Saudi Arabia, Iraq and others -- routinely suffer when oil prices drop. These countries have struggled to diversify their economies enough to easily weather a down cycle and have been digging deep into financial reserves and cutting spending to make up the difference. But the United States has its own petro-states and petro-towns, places whose fortunes can wax and wane with the health of the oil market. More…