Alaska North Slope oil prices drop below state budget projections
You can track historic data through Alaska’s Department of Revenue website
ANCHORAGE, Alaska (KTUU) - Oil prices sank again to start the week, with U.S. crude now below $60 a barrel and Alaska North Slope falling to under $68 a barrel at close.
Alaska’s dependence on oil revenue is extremely high, with that revenue — and related projections — making up more than a third of the state budget.
The most recent revenue forecast from the Department of Revenue is based on oil prices of $74.48 per barrel for the current budget year, and $68 per barrel for the coming fiscal year, for which the state is already grappling with a deficit of approximately $1.6 billion, according to the DOR.
Alaska North Slope West Coast oil was priced at $68.47 per barrel as of Friday. The 52-week high, at around $89 per barrel, was seen a year ago this month.
You can see the Department of Revenue’s oil pricing chart, dating back to 1996, by clicking here.
The price per barrel has been in the low-$60 range multiple times since 2021, following record lows in 2020.
Check out the video above to hear from oil and gas analyst and editor of the weekly oil and gas email newsletter Larry Persily.
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