Senate Finance co-chair says state needs more in savings
June 1, 2022
If oil prices stay above $100 a barrel for the next 12 months, the state could end the fiscal year in June 2023 with about $2.3 billion in its savings accounts, not counting the Permanent Fund.
It hasn’t had that much in savings since 2018.
“That’s not enough cash,” Sitka Sen. Bert Stedman, co-chair of the Senate Finance Committee, said last Friday. The state treasury needs a healthier shock absorber to cushion against the inevitable periods of low oil prices, he said.
It all depends on oil markets and prices. Alaska North Slope crude has averaged above $110 a barrel since March, al...