"oil revenue"

While the state is forecasted to make more money this year than it did last year, it is still spending more than it makes.

It follows downgrades earlier this year from the other two major ratings agencies, Standard and Poor’s and Moody’s Investors Service.

The Department of Revenue released a forecast today showing the state will bring in $800 million dollars less in oil revenue this year and next than the department projected in the fall.

Senator Mark Begich is introducing a bill that would grant the state a share of revenues from offshore drilling.