North Slope oil prices continue to drop
North Slope oil prices continue to their plunge, falling to their lowest in 15 months. On Friday, oil fell 56 cents to $54.83 per barrel, more than $30 off the $85.36 high achieved on Oct. 3.
Prices haven't been this low since Sept. 13, 2017, when the per-barrel-price hit $53.49, according to Department of Revenue data.
The state has been battling stretches of chronically low oil prices since late 2014, forcing the Legislature and former Gov. Bill Walker to spend nearly $14 billion in savings to over budget gaps.
Price drops also come as the Legislature and a newly minted governor — Michael J. Dunleavy — travel to Juneau to craft a budget for fiscal year 2020.
Dunleavy said the state faces a $1.6 billion deficit for the upcoming fiscal year.
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