Alaska's Budget Deficit: Oil Prices' Mild Impact
Anchorage News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Alaskas budget deficit may see a partial reduction due to a spike in oil prices from U.S.-led strikes on Iran, but it wont fully close the gap. A nonpartisan analyst suggests lawmakers will still need to draw from state savings. The House has passed a bill for a five hundred million dollar draw from the Constitutional Budget Reserve, but it requires approval from three-quarters of the legislature. Extra oil revenue from prices above seventy-eight dollars a barrel will help, but not enough to skip the savings pull. To fully avoid tapping reserves, North Slope oil would need to average one hundred five dollars per barrel through June, a scenario experts call unlikely. The Department of Revenue plans a new forecast next week around seventy-one dollars per barrel, potentially adding two hundred eighty million dollars in revenue, but lawmakers stress the need for long-term spending fixes amid bigger deficits.
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