I don't think Murkowski is in such bad shape as everyone seems to think. His reelection isn't a sure-thing, but it is not impossible.
He wanted tax hikes and some benefit cuts which the public didn't like too much. He also did some odd things. Like when he was in the middle of cutting spending to save the economy, he wanted to trade-in the governor's prop-propelled plane for a jet. Now most thought it was unnecessary, especially when his administration was tough on spending.
85% of the Alaska state economy comes from oil. With the high price of oil, it means good times for Alaska.
The budget deficit has gotten smaller. The state has more money to spend, and Murkowski has even proposed an increase in education spending. So I think he is not as in trouble as some may think, but I'm not taking anything for granted.