North Slope oil prices are expected to run well below spring predictions, endangering a bonus year of K-12 school funding approved by Gov. Mike Dunleavy and state legislators.
The trans-Alaska Pipeline runs alongside the Dalton Highway near the Toolik Field Station on June 9, 2017, in the North Slope Borough.
In March, Revenue officials said they expected prices to average $101 per barrel between July 1, 2022, and June 30, 2023, the period known as Fiscal Year 2023. But on Monday, revenue officials — relying on global futures markets that trade in oil from Europe’s North Sea — said they expect the average annual price to drop to $91.96 per barrel by the end of the fiscal year.
If the forecast holds true, it would not significantly affect state services, but it would erase most of $1.2 billion in bonus funding for K-12 public schools.
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