Revenue Commissioner Talks Oil, Revenues and Deficits

Quinton Chandler/KBBI
Image Courtesy of the Department of Revenue
Image Courtesy of the Department of Revenue


     It’s no secret declining oil prices are an ongoing nightmare for Alaska. Historically 90% of the revenue used in the state’s general fund came from the oil and gas industry. Since last summer the average price for Domestic U.S. oil has fallen from near $100.00 per barrel to about $45.00. Randy Hoffbeck, the State Revenue Commissioner is visiting communities around Alaska to explain the current situation and get the ball rolling on the first steps toward recovery. KBBI’s Quinton Chandler interviewed Hoffbeck on his first day visiting the Southern Kenai Peninsula.