While the state currently enjoys billions of dollars in savings, it faces forecasts of declining oil production -- a huge worry given that oil is Alaska's economic lifeblood, she said.
She urged lawmakers to act on Gov. Sean Parnell's plan to slash oil production taxes as a way to increase investment and said she would fight efforts by the federal government to block new development.
Murkowski also said the Middle East unrest -- and potential for oil-supply disruptions -- has put the issue of opening the Arctic National Wildlife Refuge to development back on the table.
She said the U.S. House likely will pass legislation this spring to open the refuge to oil development, and that she'll do everything she can to push the idea in the Senate -- a statement that drew applause from state lawmakers.
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