Revenue department forecasts jump in oil prices drop in production

first_imgA crowd walks across a map of Alaska at the Alaska State Library, Archives & Museum on Dec. 19, 2016, in Juneau. The state released its revenue sources book, which will help lawmakers and Gov. Bill Walker work out a budget for the upcoming year. (Photo by Rashah McChesney/Alaska’s Energy Desk)When it comes to the state’s bottom line, the tax division’s revenue sources book predicts a patchwork of good and bad news for the state.Listen NowThe good news is oil prices are forecast to go up.The bad news? The money coming in from oil revenue is nowhere near enough to close the state’s budget gap and production on the North Slope is forecast to go down.This holiday season, lawmakers and oil and gas executives would probably love a good crystal ball: one that might give them a glimpse of the future price of oil, or how much the state is going to produce next year, and maybe a look at the end of the legislative session to find out what’s going to happen with all of those tax proposals floating around.Unfortunately, no such soothsayer exists, and they’ll probably have to rely on the state’s Department of Revenue.Earlier this week, analysts released their semi-annual revenue sources book. It’s a snapshot of the state’s financial health.  It has current and historical income information. It also has predictions for the price of oil for the next few years: how much the state is going to produce, what kind of money the state expects to have available to spend and, this year, a whole chapter on the potential impacts of an income or sales tax.And, while it’s no crystal ball, it can help with the economic forecast.Oil prices are predicted to go up. During this fiscal year, the state predicts they’ll average $46.81 a barrel. And that’s expected to go up to $54 per barrel next year.State tax division director Ken Alper said that price jump is going to help the state.“A good rule of thumb for Alaska at the range of prices we’re at right now is every dollar in the price of oil is worth about $30 million,” Alper said.So, a $10 jump in the price of oil means that, over the course of the next year, the state should get about $300 million in additional revenue. But that’s not nearly enough to cover the state’s $3 billion budget deficit.“It’s substantial. No one should ever scoff at $300 million,” Alper said. “But that’s not balancing the budget.”One other consequence of that slight jump in oil prices? The state’s going from a price that’s below the oil industry’s break-even point, to above it.That price is around $45 a barrel.That break-even point is very important for the state.  When oil prices fall below it, the major producers on the North Slope start losing money.  And they can turn those operating losses into credits that can be used to offset taxes they owe the state.Producers are still required to pay a minimum tax. However, if it carries into the next year, the companies are able to use those credits to offset even that minimum tax.“So we were seeing production tax revenues approaching zero for the next several years because of the very low prices we were seeing now,” Alper said.So, as oil prices inch upward, the state’s tax revenue picture starts to look at little better.“That phenomenon falls off a little bit, and we now are starting to see a couple hundred million dollars in production tax revenues in the near future. Not the billions that we had in the past when prices were higher, but at least not zero,” Alper said.But there are still significant challenges ahead for the state.Oil production is forecast to go down, and prices aren’t forecast to get above $88 per barrel in the next decade.And, the legislature is gearing up for a fight over oil tax credits, broad-based taxes and whether to tap the permanent fund dividend to solve the state’s budget crisis.last_img read more

Pocketfriendly stop for students

first_imgOne of the oldest lane surrounding the north campus – ‘Hudson Lane’ – has stood the test of time, competing with fancy restaurants and cafes in the Capital. But what is so special about this place that people choose it over lavish restaurants?With a plethora of hangout options that are not only easily accessible but exceptionally budget-friendly, it is an ideal place for foodies. Lying close to the Kamla Nehru College, the place is highly popular among the students. Also Read – Add new books to your shelf”I went to this place on the first day of my college and haven’t been able to get enough of it,” said Harshit Jain, a student of Kamla Nehru College, adding, “This is one place where all my friends meet every single day. Besides offering myriad flavors from different cuisines, the aura of the place is amazing. It’s a stop where can just sit and chill for hours, without any sort of restriction.”Despite the sudden rise in cafes and changing food scene of the lane, this place stays true to its roots. Also Read – Over 2 hours screen time daily will make your kids impulsive”I have seen this place grow and change. When I was a student, I used to be excited all the time for Charan Singh’s food van or Surinder’s chole bhature. Eating shahi paneer and rajma chawal over a few laughs was one of those memories I still cherish. The best part was interacting with the cooks in the food joint while learning how to make our favourite dishes. People in this area have always been extremely friendly and cheerful. We feel at home when we come here,” said Tanmay Goel, student from Shaheed Bhagat Singh. Though Satya Niketan – the area surrounding south campus, is equally popular among the college goers, Hudson lane gets an upper hand when it comes to a society meeting or a casual lunch gathering. One of the major reason for people choosing Hudson over Satya Niketan is the open space it has. Hudson is designed over a big place and the cafes are widely spread. People don’t have to necessarily to go and sit in cafes. They can eat street food or sit in parks in this area. On the other hand, Satya Niketan is congested and has cafes next to each other, making it extremely crowded. Even though new restaurants are opened on a daily basis in this cute-little lane, people preferably sit and eat in their favorite old restaurants. “I personally love trying new cuisines and places. But even though there are quite a few nice cafes that have opened up in this area, Ricos, Hudson Cafe or BYD will always remain my favourite. It’s not that I don’t like the new cafes, but the old ones have a homely feel to it. We are accustomed to the ambiance and are really not over it yet,” said Anushi Arora, Miranda House.If you haven’t visited the area yet, go and check out. It has a number of options which will convince you to come back again.last_img read more

Your Apple Watch May Not Be as Safe as You Think

first_img The Apple Watch lacks a key feature other devices from the company have that help deter theft, one tech website found.Apple’s iOS devices have a feature called Activation Lock that basically prevents a person from completely wiping the device without the Apple ID and password of the original owner. This function is aimed at helping dissuade thieves from stealing a device in the first place because they can’t completely reset it.However, the Apple Watch OS 1.0 does not currently have this feature. So if someone gets their hands on your Apple Watch they are capable of completely resetting the device so that it can be paired with a new iPhone.As first mentioned in idownloadblog.com, this isn’t necessarily a problem from a data standpoint, but rather it’s a security problem because it makes the already highly desired smartwatch even more of a target for thieves since it can be easily wiped and resold clean.Apple didn’t respond to a request for comment.Read the full report on idownloadblog.com. Growing a business sometimes requires thinking outside the box. Register Now » Free Webinar | Sept. 9: The Entrepreneur’s Playbook for Going Global May 15, 2015 This story originally appeared on CNBC 1 min readlast_img read more

What are the most popular summer destinations Contiki has the full list

first_imgWhat are the most popular summer destinations? Contiki has the full list Wednesday, May 22, 2019 Posted by Tags: Contiki, Summer Travelweek Group center_img TORONTO — Contiki has revealed the top seven places young Canadians will be heading off to this coming summer, from the Greek Islands and the very ends of Africa, to the Emerald Isle and sun-soaked Thailand.GREEK ISLANDSThese sun-kissed islands topped the list, with many millennials planning an island-hopping adventure to explore the region’s mythical tales, stunning streets, pristine waters and sun-bleached ruins. From getting lost in the narrow streets of Mykonos to eating gyros while watching the world-famous sunset in Oia, clients are guaranteed an unforgettable summer getaway.AFRICAThere are plenty of unforgettable moments to be had while visiting Africa. Young clients can spot lions, leopards, rhinos, elephants and Cape buffalo (aka. The ‘Big 5’) at Kruger National Park in South Africa, or embark on a hot air balloon safari over the Masai Mara region of Kenya. Also not to be missed is meeting East African gorillas in Uganda, climbing Mount Kilimanjaro and ‘glamping’ under the sparkling skies of the Serengeti in Tanzania.More news:  CIE Tours launches first-ever River Cruise CollectionIRELANDIreland has a plethora of great scenery, lively street festivals, whiskey and incredible food for young Canadians to enjoy during their summer. The Emerald Isle is filled with myths, legends and land of rolling greens, not to mention Game of Thrones-esque castles.ITALYFilled with irresistible food, amazing architecture, incredible art and stunning scenery, Italy never fails to impress visitors. Young Canadians can spend their summers in the art-filled cities of Rome, Venice and Florence, the wine region of Tuscany as well as Cinque Terre, Milan and Lake Como, each offering an abundance of local experiences.THAILANDThailand has become a favourite among young Canadians with many options for exploration. Whether it’s sipping sunset cocktails on beautiful Railay Beach, hunting for souvenirs at the Chiang Mai night bazaar, hitting Bangkok bars, browsing the Floating Market or becoming spiritual at Wat Arun, the adventures are endless when voyaging in this country. Contiki’s Island Hopping tours allow beachgoers the chance to sun-and-see it all.More news:  Direct Travel names Smith as Senior VP, Leisure Marketing, North AmericaSPAINSpain is home to inspiring architecture, mouth-watering food, and breathtaking beaches and countryside sights. Must-see stops include Barcelona and Seville, as well as the sun-soaked La Concha beach in San Sebastiàn.PERUPeru has an abundance of landmarks, ranging from the heights of the Andes to the depths of Canyon de Colca. Any Peru Panorama trek will be amazingly varied, whether clients ‘travel back in time’ at the Chachapoyan site of Kuelap, hit up a few Cusco restaurants or take on the Inca trail at Machu Picchu head on.For more information on Contiki’s adventures go to contiki.com. Share << Previous PostNext Post >>last_img read more