Oil Rebounds, Governor Urges Continued Fiscal Restraint
Governor Sarah Palin today noted the price of Alaska North Slope crude oil has risen dramatically over the past couple of months. However, while the price of Alaska North Slope crude is higher than expected in the most recent revenue forecast, the state continues to draw on reserves to balance this year's budget.
"History reminds us that high oil prices are a double-edged sword," Governor Palin said. "The state treasury may swell, but Alaskans will feel the pain at the pump and the pinch of higher energy prices. History also tells us that oil prices go up and down, sometimes dramatically. Now is not the time to grow government. We must be prudent moving forward and exercise fiscal restraint."