Alaska lacks funds for gas pipeline, state official says

Alaska is "resource rich" but too "cash poor" to buy in as part owner of a proposed pipeline to transport North Slope natural gas to the Lower 48, said the head of the state's Department of Revenue.Even if the state could afford it, the project "could put the state at financial risk if there are construction overruns, delays in completion of the project, unbudgeted calls for additional capital, or volatile natural gas market conditions," said Wilson L. Condon, Alaska's DOR commissioner, in a recent report to Gov. Tony Knowles and other state officials."Unlike large corporations, the state does not maintain reserves for such risks, and it would be a difficult policy call to tell th...

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