Two points missing from your story are any mention of year to year spending cuts. When oil prices dropped, all of the oil companies reduced spending. Wouldn't it make sense for the state to at least reduce a few positions?

Also, what needs to be clarified is all of the different sources of oil revenue. I am by no means an expert, but the state is receiving revenue from production taxes, royalty oil (which they sell at a premium price, which makes the state as much money as possible, but also drives up the prices we pay at the pump), and corporate income taxes. Additionally, local governments collect property taxes. What really confuses matters is when the state further defines revenue as restricted or unrestricted. 

It's too bad the state drug their feet 10 years ago on gas line negotiations. Had they moved quickly, we could be selling gas this year. I'd suggest they all look in the mirror on that one.