Revenue officials say they expect the average annual price to drop to $91.96 per barrel by the end of the fiscal year.
"alaska oil prices"
Alyeska imposes 10% cut to North Slope production as COVID-19 hammers oil demand
The company that runs the trans-Alaska pipeline announced a 10% cut to North Slope oil production Friday, amid a global oversupply of crude caused by the COVID-19 pandemic.
At low prices, North Slope production taxes could drop to zero
As oil continues to hover around $40 a barrel, Alaska is confronting a new reality: if prices stay this low, the state’s major North Slope producers might owe no production taxes at all in coming years.