Alaska: $8.9B in unrestricted revenues this year

AP News
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Posted: Dec 15, 2011 3:36 PM
Alaska: $8.9B in unrestricted revenues this year

Alaska projects $8.9 billion in unrestricted revenues this fiscal year, mainly due to high oil prices.

The Revenue Department also expects the trend of declining oil to continue, dropping 4.7 percent this year.

Oil and gas revenues are expected to provide over 90 percent of the state's unrestricted revenues through fiscal year 2016.

The department projects $8.2 billion in unrestricted revenues for fiscal year 2013.

Revenue Commissioner Bryan Butcher credits high oil prices with what he calls a strong, relatively stable revenue outlook. North Slope crude averaged $94.10 a barrel last fiscal year. The department projects an average price of $109.33 a barrel this year and $109.47 next.

The Parnell administration wants the oil production tax cut to spur investment but that proposal faces tough odds in the Senate.