‘This news deals a blow to the state’s widening deficit’
JUNEAU – This morning, ConocoPhillips announced it will cut production in Alaska by approximately 100,000 barrels in June. The decision was made because of the world-wide collapse of the price of oil, which has fallen to $10.63 a barrel in Alaska due to the drop in demand during the COVID-19 pandemic.
In response, the co-chairs of the House Resources Committee released the following statement:
“This morning, Alaskans received yet another troubling reminder of the economic challenges that lie ahead for our state due to COVID-19. Our thoughts are with workers and families that will be impacted by ConocoPhillips’ difficult decision to reduce daily production. This news deals a blow to the state’s widening deficit and underscores the need for a comprehensive strategy to address Alaska’s financial crisis.”
– Rep. John Lincoln (I-Kotzebue) and Rep. Geran Tarr (D-Anchorage)
Alaska House Majority