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America’s own petro state, Alaska, is rolling in it thanks to high oil prices. Yesterday the state revenue department projected a $3.4 billion surplus, according to Anchorage Daily News.Alaska receives 90% of its state general fund revenue from oil. Meanwhile Alaska leads all states in federal spending per capita.
The big debate for the rest of the year will be what to do with all that cash.
Republican Governor Sean Parcell has proposed a bill that would cut the oil tax and add most of that money to Alaska’s $11 billion savings account.
Other politicians like Republican Sen. Bert Stedman scoff at this idea and say they will use the money for new construction projects. Say, a bridge to nowhere.