price of oil

NEW YORK--(BUSINESS WIRE)--Jun 14, 2016--Fitch Ratings has assigned a 'AA+' rating to the state of Alaska's $150 million general obligation (GO) bonds, series 2016B. The bonds are scheduled to sell via competitive bid on June 22, 2016.

In addition, Fitch has downgraded the following ratings:

--The state's Long-Term Issuer-Default Rating to 'AA+' from 'AAA';

--Approximately $753.8 million in outstanding GO bonds to 'AA+' from 'AAA';

--$244 million in outstanding lease obligation bonds, subject to annual appropriation to 'AA' from 'AA+'.

Low oil prices lead to Anchorage layoffs


BP says it is planning to further reduce its workforce in Alaska as the state continues to struggle with low oil prices. A BP spokeswoman told KTUU-TV that about 4 percent of the company's workforce will be cut. Most of the affected positions are based in Anchorage. The announcement comes after BP revealed plans last week to reduce the active rig count at Prudhoe Bay on Alaska's North Slope from five to two.


Alaska not affected by this round of layoffs

Associated Press

British Petroleum announced yesterday it is laying off 3,000 positions from its worldwide marketing and refining operations. That comes on top of 4-thousands layoffs BP announced last month in its global production and exploration units. However, a spokesperson says this round of cuts will not affect Alaska. BP does expect to cut about 260 jobs in Alaska this year. 


In a Rasmuson survey, Alaskans share ideas on how to handle state budget deficit

By Andrew Kitchenman, KTOO - Juneau

Alaskans are increasingly concerned about the $3.5 billion state budget shortfall. And they’re interested in using both state spending cuts and new revenue to close the gap.

That’s according to the Rasmuson Foundation’s Plan For Alaska which surveyed 800 Alaskans earlier this month.

Compared with a similar survey in July, the share of residents who are extremely concerned about the shortfall rose from 31 percent to 43 percent.

Jan. 20, 2016

Legislators challenged by budget deficit caused by low oil prices

By Associated Press

The Alaska legislative session started yesterday (Jan. 19) in Juneau. Legislative leaders are seeking to strike a conciliatory tone at the start of what could be a contentious session, as the state grapples with an estimated $3.5 million budget deficit amid low oil prices.

Market experts:  Oil could go lower but prices will rebound

By Liz Ruskin, APRN – Washington, D.C.

Joaqlin Estus / KNBA

April 29, 2015

Even rural communities that have raised the money to build modern sanitation systems face the threat of their ultimate failure due to the lack of funding for operations and maintenance, wiping away whatever health gains were achieved.

The Yukon-Kuskokwim Health Corporation Environmental Health and Engineering Department provides technical assistance to water treatment plant operators in the region. Here’s a bit of the conversation during a recent teleconference.

Gov. Bill Walker is taking issue with how the existing oil production tax works at low oil prices. The price of oil has dropped in recent months from more than a hundred dollars a barrel to fifty a barrel. Producers can also apply for tax credits meant to boost production. Last year the state took in five billion dollars in oil revenues, with half of that from oil production taxes. This year it will take in two billion dollars from other forms of oil revenues. 

No new contracts for the Knik Arm Crossing, Susitna-Watana Dam, Alaska Stand-along Pipeline, Ambler Road, Juneau Access Road, and Kodiak Launch Complex 

Friday Governor Bill Walker called a halt to six mega-projects pending further review. In a prepared statement, he said he’s told all state agencies to stop non-obligated spending on the Susitna-Watana Dam, Knik Arm Crossing, Alaska Stand Alone Pipeline Project, Ambler Road, Juneau Access Road, and the Kodiak Launch Complex.

Teams buoyed by hope, sense of new beginnings despite state's finances

This weekend, Walker-Mallott transition teams met at the University of Alaska Anchorage campus. Some 230 Alaskans were grouped by topics such as oil and gas, education, fisheries, fiscal policy and health care. Their task was to work toward consensus on goals, priorities, and recommended actions for incoming Gov. Bill Walker and Lt. Gov.-elect Byron Mallott.