Alaska State Legislature

January 15, 1998

The Honorable Tony Knowles
Governor of Alaska
State Capitol
Juneau, Alaska 98801

Dear Governor Knowles:

As you acknowledged in your State of the State address, the price of oil has dipped to around ten dollars below what it was at this same time last year.

Due to the seriousness of this issue, we invite you to participate in a bi-partisan Revenue Summit in the State Capitol as soon as possible. We will be inviting revenue experts from around the world to advise us regarding the world financial markets and the world oil market. We encourage you to invite any experts or advisors that you wish to have participate in the Summit.

A Minister of OPEC has recently announced that an emergency meeting of OPEC may take place in the coming days. Because of the volatility of the oil market, we believe a bi-partisan Revenue Summit is critical at this time in order to prepare Alaska for the potential impacts to our revenue projections and financial stability.

We encourage you to join us in this important Summit in order to develop a revenue plan and state budget process based on fiscal reality and long-term success, so that future generations of Alaskans may inherit a more stable, efficient and less costly state government.

We look forward to working together for the benefit of all Alaskans.

Sincerely,

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Representative Gail Phillips
Speaker of the House

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Senator Mike Miller
Senate President

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