State department of Revenue commissioner Patrick Galvin today released the revenue forecast for 2010 and 2011. Galvin said 2009 was a wild ride for oil prices. From highs above $130 per barrel last spring to five months later when he says prices suffered the largest decline in history as they fell into the $20s. Galvin says this stability is expected to continue with a slight drop over the course of the remaining year and then rising gradually in future years. He says the current forecast for 2010 is $67 per barrel, representing an increase from the spring prediction of $58 dollars. That is having a big impact on the state’s unrestricted revenue.
Lori Townsend, APRN – Anchorage
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