Oil from new fields could boost the state’s production, but predicting when they’ll come online — and how much money the state will bring in — is tricky.
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Don’t count on oil to bail out Alaska’s budget soon, says unpublished state tax memo
The National Petroleum Reserve in Alaska is a hot area for oil development right now. But don’t count on new production there to bail out the state budget any time soon. That’s the takeaway from a previously unpublished, two-month-old analysis drafted by former independent Gov. Bill Walker’s administration.
With Permanent Fund draw, higher oil prices bring Alaska closer to a balanced budget
About $72-per-barrel is the break-even point to close the state’s budget gap.
Drilling plan may not change much but still worries Southcentral fishermen and environmentalists
The Trump administration proposed last week to drastically increase the amount of Alaska waters open for oil and gas leasing. Along with keeping Cook Inlet open, it would also make areas near Kodiak and the Gulf of Alaska available for drilling, both of which are currently closed.
Walker wants to borrow money to pay $900 million in oil tax credits
The tax credits are scheduled to be paid off fully in 2025. Walker and the Department of Revenue are proposing paying them off by 2019 at a discount.
Feds approve first oil exploration in Arctic federal waters since Shell
It’s the first oil exploration in Arctic federal waters since Shell abandoned its campaign in 2015. The company, Eni, aims to begin drilling in December.