Politics & Government

December 5, 2008 8:38 AM

Alaska confronting a new budget as oil prices plunge

The decline of oil prices around the world will have a stunning impact on Alaska's budget next year as legislators seek to deal with how to cover record spending set when oil was selling at $145 a barrel. Thursday, Alaska crude closed under $40 a barrel. Gov. Sarah Palin said on Thursday that tapping savings might be necessary.

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