Following the release of the Department of Revenue's fall revenue forecast, Governor Sean Parnell today said the state is well prepared to tackle the fiscal challenges associated with the state's revenue outlook.
"At these lower oil prices, the More Alaska Production Act produces revenue streams to the state similar to the former oil tax system, ACES," Governor Parnell said. "Indeed, Alaskans will be better protected with the More Alaska Production Act if oil prices continue falling and the state finds itself in a lower price environment.
"For much of the past 10 years, steadily rising oil prices have masked our declining production volume. With the More Alaska Production Act, Alaska is not only better positioned for revenue at lower oil prices, but we also see new investment dollars flowing into Alaska, leading to new jobs, new production, and new opportunities for Alaskans.
"I will work with the Legislature to limit state spending and make policy decisions that position Alaska for economic growth long into the future."