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Oil-rich Alaska's budget deficit could hit US$3b as crude prices go south

Saturday, December 6, 2014 - 05:50

Washington

WHAT US state is as hooked on oil revenues as Venezuela, Iran, or Russia? It's Alaska.

Plunging oil prices have blown a huge hole in the budget of the oil-rich state, where in recent years taxes on oil production have covered more than half the total budget (US$13.5