High oil prices fatten state treasury, drive spending decisions

High oil prices driven by the war in Ukraine, tight global oil supplies and OPEC’s decision not to pump more crude are adding tens of millions of dollars per month to the Alaska state treasury.

The rush of oil revenues is boosting the governor’s push for a larger Permanent Fund dividend for individual Alaskans this fall, while also fueling legislative interest to increase funding for education and deferred maintenance — or just save some of the money for the next time oil prices fall.

The Alaska Department of Revenue last week issued its annual spring forecast, adding $30 per barrel to its pri...


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