Americans react in two ways to the oil price in the United States. For most, $2 tor a gallon of petrol is a scandal, and there have been gripes galore that the huge increase in energy prices over the past five years has slowed down the economy. And then there is the view from Alaska. Last January, the state's budget, which is financed almost entirely from oil royalties and taxes, was $361m in the red. Now the 2005 budget shows a $34om surplus-a figure that will rise if oil stays above $35 a barrel for any length of time. Each $1 increase in the price of a barrel of oil pours $60m into the state's coffers.
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