International petroleum and the economic future of Alaska

• Published in: Polar Record
• Main Author: Rogers, George W.
• Format: Article in Journal/Newspaper
• Language: English
• Published: Cambridge University Press (CUP) 1971
• Subjects: General Earth and Planetary Sciences; Ecology; Geography, Planning and Development; north slope; Polar Record; Alaska
• Online Access: http://dx.doi.org/10.1017/s0032247400061441; https://www.cambridge.org/core/services/aop-cambridge-core/content/view/S0032247400061441

The year 1969 was a watershed in Alaska's history. This was the year when the full extent of the international petroleum industry's invasion became apparent to all Alaskans. Most viewed it as a cause of rejoicing and optimism. Overnight, the State of Alaska had become rich as the industry made bonus payments of over $900 million for oil and gas leases on the North Slope, and the prospects loomed of literally hundreds of millions of dollars of annual royalty and tax payments during the decade to come. The state no longer had to worry about where its money was coming from but could concentrate on spending. Private employment climbed, and all the gold rush legends of quick wealth resumed currency. The magnitude of what the oil developers and promoters had accomplished and what they proposed went beyond anything the most enthusiastic Alaskans had ever dreamed of. No physical barrier and no financial cost seemed too great to hinder a prolonged boom. All that Alaskans had to worry about was how to take their share.