ANCHORAGE, Alaska (KTUU) – Alaska North Slope oil hit its highest closing price in more than 3 1/2 years Thursday, part of a recent spike in oil prices in Alaska and nationwide.
Thursday’s closing price for North Slope crude was $105.78 per barrel, a jump of $9.86 over Wednesday’s closing price, according to the Department of Revenue.
The last time the ANS price was higher was Aug. 29, 2022, when it hit $108.64. That same year also saw a barrel of oil skyrocket to $127.77 on June 8, 2022.
The prices have risen in tandem with the price of fuel, as gas station prices statewide averaged $3.98 on Friday, a jump of 20 cents from a week ago, and a jump of 48 cents from a month ago, according to AAA.
North Slope oil hit an all-time high of $144.59 on July 3, 2008.
Earlier this week, North Slope oil reached into the $90 range, just weeks after prices had hovered in the $60 range. Legislators in Juneau on Monday were hesitant to put too much emphasis on the rising prices, instead stressing that “fiscal discipline” is needed to pass a balanced budget.
Alaska, which produces about 5% of U.S. oil, stands to benefit from higher energy prices in the short term. Alaska crude typically trades about $5 above the WTI benchmark, Brett Watson, an associate professor of applied and natural resource economics at the University of Alaska Anchorage, told Alaska’s News Source earlier this month.
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