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Alaska is struggling to survive low oil prices



The state is now running a projected deficit of $4 billion.



21.Jun.16 8:59 AM
By Vladimir Vasiliev
Photo INNOV.RU

   159

Alaska is struggling to survive low oil prices

The low oil prices could be the benefits for USA as a whole but certainly not for the oil and gas industry.
On Saturday the Alaska’s legislators passed highly controversial revision to the state’s oil and gas production tax.
That is really important because it preserved a 35% net operating loss tax credit for the most of the major operators and at the same time cutting it for the smaller ones.
Seems like it can’t be suitable for both at once and for Alaska’s budget. Oil revenues have a good share of the state’s funds and current problems, which are common of course, make a great impact on public money.
The government inclined to begin using money from oil income savings fund and state’s Permanent Fund of $50 billion-plus. The proposal did not pass Finance Committee, but debates to be continued. The deficit is still a problem.




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