Press Release: Revenue Summit Slated for March 10th

Alaska State Legislature
News from the Senate and House Majorities

Wendy Lindskoog, (907) 465-4582
Jerry Ritter, (907) 465-3804
State Capitol
Juneau, AK 99801
http://www.akrepublicans.org
Actuality Line: 1-800-478-6540

Revenue Summit Slated for March 10^th

Oil and Gas Experts to Discuss Revenue Forecast

For Immediate Release: March 5, 1998 Contact: Stephanie Szymanski at (907) 465-4993 or Portia Parker at (907) 465-4711.

Juneau – In order to base Alaska’s budget on realistic revenue projections and assess whether Alaska may be experiencing a fundamental shift downward in the long-term price of oil, Senate President Mike Miller and House Speaker Gail Phillips have called for a Revenue Summit March 10^th, 1998. The Summit will be held in the Senate Finance Committee Room 532 in the State Capitol from 9 a.m. to noon.

Members of the Legislature, Administration and public are invited to attend this bi-partisan educational forum. Peter Bogin, from the Cambridge Energy Research Associates, and Douglas M. MacIntyre from the U.S. Department of Energy, two nationally recognized revenue experts, will share their agencies’ perspectives on the world oil market and revenue projections of oil prices for both the short and long term.

"We owe it to Alaskans to hold this summit, gather as much information as possible about current world oil market trends, and plan our state budget with Alaska’s fiscal reality in mind," said Senator Miller. "To ignore the signs and not take the rapid slide in oil prices seriously would be shortsighted."

"If Alaska is facing a long-term shift downward in oil prices, it is vital we understand the dynamics of the shift and prepare for the effects it will have on Alaska’s oil and gas industry and financial stability," said Speaker Phillips. "Armed with good information, we can better plan for Alaska’s budget this year and the coming years so future generations of Alaskans may inherit a more stable, efficient and less costly state government."

The Revenue Summit will be teleconferenced statewide through Legislative Information Offices (LIO) on a listen only basis. Please call Portia Parker in Senate President Mike Miller’s Office to receive contact information about an LIO near you.

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Preliminary Agenda

Revenue Summit

State Capitol

Senate Finance Committee, Room 532

Juneau, Alaska

Tuesday, March 10, 1998

9:00 am

Welcoming Remarks

9:15 am

Peter Bogin; Cambridge Energy Research Associates

Short and Long Term Oil Price Projections

9:45 am

Question and Answer Session

10:00 am

Douglas M. MacIntyre; U.S. Department of Energy

Energy Information Administration World Oil Prices

10:30 am

Question and Answer Session

10:45 am

Closing Remarks

11:00 am

Adjourn