High oil prices put Port of Alaska, school repairs on track for $26 million in state money

High oil prices have put $26 million in state projects on track to be funded, money that would go to the Port of Alaska, school repairs, two University of Alaska campuses and court security.

Lawmakers made the money depend on North Slope crude averaging at least $80 a barrel from July through December. Four months in, it averaged $97, and the group Alaskans for Sustainable Budgets puts it at $99 as of Tuesday. Prices would have to average under about $47 in November and December to miss the mark. Federal forecasters expect Brent, a global benchmark, to stay near $100 through December.

Lawmakers described the list on the House floor in May:

• $10 million for the Port of Alaska in Anchorage, on top of $15 million already in the budget;

• $10.65 million for school major maintenance;

• $3.25 million for University of Alaska Southeast and University of Alaska Anchorage projects;

• $2 million for court security.

The budget was built on the state's spring forecast of $75 oil, which wouldn't have triggered the money.

Alaskans for Sustainable Budgets projects this fiscal year's average at about $100, which it says would bring in about $1.22 billion more than the spring forecast. That's down from its $110 projection at the end of October.

The U.S. Energy Information Administration expects Brent to fall below $90 in the second quarter of 2027 and to $77 by the end of 2027. The state's fall revenue forecast will shape the next budget.