Alaska News26 Jan 2022 21:31
Governor Dunleavy addressing the state.
Recovering from Economic Devastation, Oil Production Rebounding
“As 2019 ended, we had finally clawed our way out of a multi-year recession. Our GDP was growing as fast or better than all but seven of our fellow states; our unemployment rate continued to reach record lows. We all know what happened next as we entered 2020. The economic devastation hit Alaska like no other state. Nearly overnight we lost more than 42,000 jobs. We are still a long way from recovering the jobs lost in 2020, but we are moving in the right direction. Oil production has rebounded from the industry cuts at the onset of the pandemic. Back in 2013, after years averaging 6 percent annual production declines, the forecast for production in the current fiscal year was projected to be just 340,000 barrels per day. Instead, we are in fact, around 500,000 barrels, with multiple large projects in development and billions of barrels still in the ground. If allowed to come to fruition, these projects can add more than 300,000 barrels per day in production. Ten years ago, some had the idea that policy didn’t matter, that the oil was running out and the decline was inevitable. There was basically nothing we could do. Today, our production numbers prove that good policy that encourages business works.”
https://gov.alaska.gov/newsroom/2022/01/26/governor-dunleavy-addresses-alaskans-in-fourth-state-of-the-state/
It might be more than a few would query what happened to O & G and in particular exploration during the previous incumbents reign when oil crashed and the explorers were left up the creek without a paddle as tax credits became near worthless.
Proves Oil & Gas are almost everything in Alaska.
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