Democratic gubernatorial contender Bob Poe dropped out of the governor's race Monday, citing a lack of cash to mount a competitive campaign.

"It's simply a recognition of the cold hard facts about running for governor," Poe told reporters while standing in the bright sunshine in front of a small group of campaign workers and his campaign camper. "It takes time, it takes money, and we simply don't have the money or the time left."

Poe, a 29-year resident who has worked in economic and trade sectors primarily in state government, said he just didn't have the name recognition required to raise money for a statewide race and that playing political catch-up was not working for him, even after 17 months on the campaign trail.

He said he'd spent about $110,000 so far and likely needed another $500,000 to "get through this race."

Poe announced his candidacy when Sarah Palin was still governor and was passionate about his belief in her shortcomings. He still is. "If you're looking on either the Democratic or Republican side, any of (the candidates) are more qualified for the job than she was," Poe said.

He acknowledged that Palin was "the thing that got me off the bench." But the loss of Palin as a political punching bag wasn't the reason he is dropping out.

"When she quit, that really did change the tenor of the race," he said, while people gave Gov. Sean Parnell the benefit of the doubt and a chance to show what he wanted to do.

Poe thinks Parnell still isn't addressing the right issues -- the future of the state, for instance -- in a meaningful way.

But he's not endorsing another Democrat, at least not yet, he said.

Poe's departure leaves former state lawmaker Ethan Berkowitz and state Sen. Hollis French in the primary race.

Contact Patti Epler at patti(at)alaskadispatch.com.