High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity?
Think about this: 10 years ago, it looked as if Alaska was on the brink of a tough transition to a post-Prudhoe Bay economy. Oil production was half of what it had once been, the state’s oil revenues were about $2 billion, financial reserves were falling, and employment in the oil industry was down....
Main Author: | |
---|---|
Format: | Report |
Language: | English |
Published: |
Institute of Social and Economic Research, University of Alaska Anchorage
2011
|
Subjects: | |
Online Access: | http://hdl.handle.net/11122/4071 |
id |
ftunivalaska:oai:scholarworks.alaska.edu:11122/4071 |
---|---|
record_format |
openpolar |
spelling |
ftunivalaska:oai:scholarworks.alaska.edu:11122/4071 2023-05-15T18:03:38+02:00 High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? Goldsmith, Oliver Scott 2011-09 http://hdl.handle.net/11122/4071 en_US eng Institute of Social and Economic Research, University of Alaska Anchorage http://hdl.handle.net/11122/4071 Report 2011 ftunivalaska 2023-02-23T21:36:09Z Think about this: 10 years ago, it looked as if Alaska was on the brink of a tough transition to a post-Prudhoe Bay economy. Oil production was half of what it had once been, the state’s oil revenues were about $2 billion, financial reserves were falling, and employment in the oil industry was down. The price of Alaska oil, adjusted to today’s buying power, was $27 a barrel—and that was high by historical standards. Things have changed dramatically since then: a combination of much higher oil prices—about $115 a barrel as this paper is being written—and revisions in the way the state calculates production taxes have caused state oil revenues to skyrocket, even though oil production is down 40% since 2002. We now find ourselves in a second huge oil-revenue boom, comparable to the one in the early 1980s (Figure 1 ). Northrim Bank Report Prudhoe Bay Alaska University of Alaska: ScholarWorks@UA |
institution |
Open Polar |
collection |
University of Alaska: ScholarWorks@UA |
op_collection_id |
ftunivalaska |
language |
English |
description |
Think about this: 10 years ago, it looked as if Alaska was on the brink of a tough transition to a post-Prudhoe Bay economy. Oil production was half of what it had once been, the state’s oil revenues were about $2 billion, financial reserves were falling, and employment in the oil industry was down. The price of Alaska oil, adjusted to today’s buying power, was $27 a barrel—and that was high by historical standards. Things have changed dramatically since then: a combination of much higher oil prices—about $115 a barrel as this paper is being written—and revisions in the way the state calculates production taxes have caused state oil revenues to skyrocket, even though oil production is down 40% since 2002. We now find ourselves in a second huge oil-revenue boom, comparable to the one in the early 1980s (Figure 1 ). Northrim Bank |
format |
Report |
author |
Goldsmith, Oliver Scott |
spellingShingle |
Goldsmith, Oliver Scott High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? |
author_facet |
Goldsmith, Oliver Scott |
author_sort |
Goldsmith, Oliver Scott |
title |
High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? |
title_short |
High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? |
title_full |
High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? |
title_fullStr |
High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? |
title_full_unstemmed |
High Oil Prices Give Alaskans a Second Chance: How Will We Use this Opportunity? |
title_sort |
high oil prices give alaskans a second chance: how will we use this opportunity? |
publisher |
Institute of Social and Economic Research, University of Alaska Anchorage |
publishDate |
2011 |
url |
http://hdl.handle.net/11122/4071 |
genre |
Prudhoe Bay Alaska |
genre_facet |
Prudhoe Bay Alaska |
op_relation |
http://hdl.handle.net/11122/4071 |
_version_ |
1766174562454601728 |