A private business requires proactive measures during tough times to cut costs so it can stay afloat.  However, when you are dealing with the taxpayer money (not your own), you tend to gamble away because the billions in savings gives you a false sense of security and confidence that somehow things will fall in place (or by the time all the money is spent, this administration will be out of here). 

IMHO proactive measures listed in order are - a) Cut State spending proportional to decrease in oil revenue, b) Cut oil and gas credits proportional to decrease in oil revenue, and finally c) If a and b are not sufficient for the State to stay afloat, look for additional revenues such as Income Tax, Sales Tax, and re-haul of Oil & Gas Production Tax and Royalty Accounting Systems.

The oil pipeline was built under unique circumstances as all the stakeholders were on board.   The market for gas pipeline is not conducive and as much as the Governor loves this State, the timing is against us.