It`s no recession it`s a retraction, and It happens every year around now... the termination dust was aptly named. Low oil prices has certainly added some but... it`s just Texans capping the finds and slowing the spigot at low prices as usual (unless they can extort a subsidy from the state at these so-called "low prices", and then screw the state again at "high prices" thanks to SB21). 
All while the legislature forged ahead clueless...while they spend the revenue savings from high oil prices we received from selling our oil under the previous tax regime we called "ACES" (for "Alaska`s Clear and equitable share" of oil we all own in common as citizens of Alaska).