Price of Alaska oil hits 19-month high

Posted: Wednesday, May 05, 2010

ANCHORAGE - Alaska oil prices have hit a 19-month high, closing Monday on West Coast open markets at $85.14 a barrel.

The Anchorage Daily News reports analysts believe prices are rising on an improving economy - manufacturing, construction and consumer spending figures, along with a stronger stock market.

Higher oil prices boost royalty fees and state taxes. For the budget year that ends in June, the state is forecasting about $5 billion in oil revenue, based on an average price of $75.

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