Gov. Palin's statement on the price of oil

Though the price of Alaska North Slope crude has rebounded to the neighborhood of $70 a barrel, which is higher than was expected in the most recent revenue forecast, Gov. Sarah Palin warns that the state is continuing to tap reserves to balance this year’s budget:

"History reminds us that high oil prices are a double-edged sword," Governor Palin said. "The state treasury may swell, but Alaskans will feel the pain at the pump and the pinch of higher energy prices. History also tells us that oil prices go up and down, sometimes dramatically. Now is not the time to grow government. We must be prudent moving forward and exercise fiscal restraint."

The governor's news release is here.

- JP