Unrestricted revenue for fiscal year 2009 is down $1.2 billion from the fall revenue forecast, the Alaska Department of Revenue said today in releasing an interim forecast update.
The forecast revises revenue forecasts for FY 2009, which ends June 30.
Revenue said the one-year forecast uses a New York Mercantile Exchange generated oil price forecast adjusted for Alaska North Slope crude oil that averages $37.47 per barrel for the third quarter of FY 2009 (January-March) and rises to $43.75 per barrel for the fourth quarter (April-June).
The department said production levels for FY 2009 are relatively unchanged, falling some 3,000 barrels per day from the fall forecast.
Using these assumptions, the department said unrestricted revenue for FY 2009 is projected at $5.5 billion, $1.2 billion less than projected in the fall forecast. Oil revenues provide 87 percent of anticipated unrestricted revenue.
Revenue Commissioner Pat Galvin and Chief Economist Cherie Nienhuis will present additional information on the update to the Senate Finance Committee Feb. 5 at 9 a.m.
See full story in the Feb. 8 issue of Petroleum News, which will be online at noon Friday, Feb. 6, at www.petroleumnews.com.
