Market Volatility Complicates Work For Lawmakers In Alaska, A State Whose Fortunes Are Tied To Oil

After President Donald Trump returned to office, Alaska Republican Gov. Mike Dunleavy declared "happy days are here again." He likened Trump's friendly approach to energy development as "Christmas every day" for a state whose fortunes rise or fall with oil.

But the nearly three months since Trump's inauguration have been tumultuous, roiling Alaska's substantial federal workforce and raising questions about the reliability of federal funding.

And his on-again, off-again tariffs, and a related drop in oil prices , have compounded the uncertainty for Alaska lawmakers, who each year must craft a state budget based on volatile oil prices. The legislative session is set to end in mid-May, well before Trump's recently announced pause on higher tariffs for many countries expires.

The whiplash has worsened long-standing tension over how much money should go toward the yearly oil-wealth fund check most Alaska residents receive as opposed to education or other needs. Lawmakers have shown scant interest in raising taxes and have blown through billions in savings plugging recurring budget deficits dating back more than a decade.

"We're all in a pickle," said House Speaker Bryce Edgmon, an independent who leads a coalition of Democrats, independents and two Republicans.