WASHINGTON — Oklahoma could lose up to $80 million in highway money later this summer because of an anticipated shortfall in the federal Highway Trust Fund, Sen. Jim Inhofe said Tuesday.
The loss, which could range from $50 million to $80 million, would mean the state Transportation Department would have to cancel or delay projects that have been in the pipeline for years.
The Highway Trust Fund, which gets money from the federal gas tax, has been hit hard by a reduction in the amount of gas purchased by American motorists.
Congress had to pump $8 billion into the fund last fall to keep it solvent.
At a hearing Tuesday of the Environment and Public Works Committee, Sen. Barbara Boxer, D-Calif., the chairman of the committee, said the fund may need $5 billion to $7 billion in August to keep commitments made by the 2005 highway bill.
Separate from stimulus
Oklahoma is expected to get about $465 million in the next two years for road and bridge projects from the $787 billion stimulus bill passed earlier this year.
But that’s separate from the regular funding the state Transportation Department gets from federal Highway Trust Fund receipts, which are allocated among the states based on a formula.
Inhofe said Gary Ridley, state Transportation Department director, told him that the state would be forced to "deprogram” up to $80 million in projects if the trust fund shortfall isn’t fixed.