World Economy

Alaska Hardest Hit

Alaska Hardest HitAlaska Hardest Hit

The state of Alaska is one of the hardest hit in the US by the slump in oil prices, as 87% of its budget is sourced from the development of mineral resources. The state’s budget deficit is expected to reach $3.5b in 2015. The cost of a barrel of oil in Alaska has decreased by more than a half: from $107 to below $50.