Soaring Oil Prices Bring Fiscal Windfall to Alaska

Soaring oil prices have brought Alaska its biggest budget surplus in nearly 20 years, along with a debate in Juneau over whether to spend the money on education and infrastructure or save it for the next downturn.

Over the past year, the price for a barrel of Alaska North Slope crude has nearly doubled to $ 114.93 as of Thursday. Taxes and royalties from oil and gas production in Alaska generate about half the state’s general fund.

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