• 15 mins Kuwait Greenlights Game-Changing Gas Fields Project After Years of Delay
  • 45 mins Minnesota Begins Public Hearings On Enbridge Line 3 Project
  • 1 hour China Looks To Create National Natural Gas Pipeline Firm
  • 2 hours Total Not In A Rush To Sell Canadian Oil Sands Assets
  • 2 hours DOE Seeks To Boost Usage Of Carbon Capture Tech
  • 3 hours Taxpayers Likely To Pick Up The Growing Tab For DAPL Protests
  • 6 hours WTI At 7-Month High On Supply Optimism, Kurdistan Referendum
  • 12 hours Permian Still Holds 60-70 Billion Barrels Of Recoverable Oil
  • 17 hours Petrobras Creditors Agree To $6.22 Billion Debt Swap
  • 21 hours Cracks Emerge In OPEC-Russia Oil Output Cut Pact
  • 1 day Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut
  • 1 day Chevron To Invest $4B In Permian Production
  • 1 day U.S.-Backed Forces Retake Syrian Conoco Gas Plant From ISIS
  • 1 day Iraq Says Shell May Not Quit Majnoon Oilfield
  • 4 days Nigerian Oil Output Below 1.8 Million BPD Quota
  • 4 days Colorado Landfills Contain Radioactive Substances From Oil Sector
  • 4 days Phillips 66 Partners To Buy Phillips 66 Assets In $2.4B Deal
  • 4 days Japan Court Slams Tepco With Fukushima Damages Bill
  • 4 days Oil Spills From Pipeline After Syria Army Retakes Oil Field From ISIS
  • 4 days Total Joins Chevron In Gulf Of Mexico Development
  • 4 days Goldman Chief Urges Riyadh To Get Vision 2030 Going
  • 4 days OPEC Talks End Without Recommendation On Output Cut Extension
  • 5 days Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes
  • 5 days India In Talks to Acquire 20 Percent Of UAE Oilfield
  • 5 days The Real Cause Of Peak Gasoline Demand
  • 5 days Hundreds Of Vertical Oil Wells Damaged By Horizontal Fracking
  • 5 days Oil Exempt In Fresh Sanctions On North Korea
  • 5 days Sudan, South Sudan Sign Deal To Boost Oil Output
  • 5 days Peruvian Villagers Shut Down 50 Oil Wells In Protest
  • 5 days Bay Area Sues Big Oil For Billions
  • 6 days Lukoil Looks To Sell Italian Refinery As Crimea Sanctions Intensify
  • 6 days Kurdistan’s Biggest Source Of Oil Funds
  • 6 days Oil Prices On Track For Largest Q3 Gain Since 2004
  • 6 days Reliance Plans To Boost Capacity Of World’s Biggest Oil Refinery
  • 6 days Saudi Aramco May Unveil Financials In Early 2018
  • 6 days Has The EIA Been Overestimating Oil Production?
  • 6 days Taiwan Cuts Off Fossil Fuels To North Korea
  • 6 days Clash In Oil-Rich South Sudan Region Kills At Least 25
  • 6 days Lebanon Passes Oil Taxation Law Ahead Of First Licensing Auction
  • 7 days India’s Oil Majors To Lift Borrowing To Cover Dividends, Capex
The Race For The “Holy Grail” Of Renewables

The Race For The “Holy Grail” Of Renewables

Energy storage is becoming an…

EIA Report Kills Bullish Sentiment

EIA Report Kills Bullish Sentiment

While confidence in oil markets…

AK Governor Moves To Cut Oil Checks To Residents

Alaska Pipeline

On Wednesday, Alaska Governor Bill Walker announced a veto that will create a cut in the annual oil revenue disbursement to Alaska residents from the state.

The Governor salvaged $1000 for each resident, compared to last year when residents received $2,072. The move was a budgetary measure, since the state faces massive debt. The governor’s office has indicated that all budget-cutting options were being considered.

Oil revenue is the main source of income for the state, and the slump in prices has resulted in a $3 billion deficit for the coming year. Walker will recall the Alaskan legislature in July to vote on the issue. Those legislators could find themselves in the difficult position of either approving the $1,000 cap or facing constituents who will receive no money if Walker vetoes the check appropriation bill. That appropriation would total around $1.4 billion.

Walker introduced the bill to cap the checks at $1,000 earlier in the year. The bill passed in the state Senate, but did not make it out of committee in the House last month. Walker has also told Alaskans that if changes were not made, the oil wealth program could come to an end, and that the oil fund could disappear in four years.

Related: Corruption Endemic In The Oil And Gas Industry

At present the fund is at approximately $52 billion. Halving the oil wealth program is not the only measure that Walker has considered. He has also proposed bringing back state income tax. T.V. station KTUU in Anchorage said that Walker’s veto will keep $666.4 million from going into the fund’s earnings reserve.

The fund was created in 1976 to compensate the state and residents following the completion of the Trans-Alaska pipeline. Twenty-five percent the funds were to go to “income producing investments.” The fund was designed with future generations in mind for a time in which oil would not be a source of income.

Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News