Senate Finance co-chair Stedman says state needs more in savings

If oil prices stay above $100 a barrel for the next 12 months, the state could end the fiscal year in June 2023 with about $2.3 billion in its savings accounts, not counting the Permanent Fund.

It hasn’t had that much in savings since 2018.

“That’s not enough cash,” Senator Bert Stedman, co-chair of the Senate Finance Committee, said last Friday. The state treasury needs a healthier shock absorber to cushion against the inevitable periods of low oil prices, he said.

It all depends on oil markets and prices. Alaska North Slope crude has averaged above $110 a barrel since March, almost double wh...