Alaska still runs on oil . Alaska’s North Slope has responsibly produced more than 18 billion barrels of oil since the discovery of the Prudhoe Bay oil field. The April 2020 forecast assumes that production will decline to 486,400 bpd in FY2020 and 486,500 bpd in FY2021.
As of 2019, the fund was worth approximately $64 billion that has been funded by oil revenues and has paid out an average of approximately $1,600 annually per resident (adjusted to 2019 dollars).
Measured on the state calendar, Alaska North Slope oil production is about to be at its lowest level since the first days after startup of the Trans- Alaska Pipeline System. North Slope crude production averaged 499,103 barrels per day through June 24 for the 2019 state fiscal year, which ends June 30.
America now has more untapped oil than any other country on the planet. That’s according to a new report from Rystad Energy that estimates the U.S. is sitting on an incredible 264 billion barrels of oil reserves.
Petroleum. Alaska’s proved crude oil reserves—about 2 billion barrels at the beginning of 2018—were the sixth-largest of any state. The state’s oil output peaked at 2 million barrels per day in 1988. Since 2003, Alaska’s annual oil production has declined steadily as the state’s oil fields matured.
Though it is one of the coldest and most sparsely populated areas on the planet, Alaska ranked 15th back in 2007 among all American states in terms of GDP per capita, thanks to its rich natural resources, particularly its gigantic crude oil reserves.
about 47 years
Alaska pays each of its residents up to $2,000 every year, and there are barely any conditions. America’s largest and most sparsely populated state pays every permanent citizen a share of the state’s oil wealth as part of the Permanent Fund Dividend Division, part of the Alaska Department of Revenue.
It’s no wonder: Projections show that the area of land and sea that falls within the Arctic Circle is home to an estimated 90 billion barrels of oil , an incredible 13% of Earth’s reserves. Most of the oil that’s been located in this region so far is on the land, just because it’s easier to access.
The oil and gas industry is the largest component of Alaska’s economy. Nearly 85 percent of the state budget is supplied by oil revenues. The fortunes of Alaska’s oil industry, and therefore many sectors of the economy, are dependent upon world oil prices.
Gold is found and has been mined throughout Alaska ; except in the vast swamps of the Yukon Flats, and along the North Slope between the Brooks Range and the Beaufort Sea. Areas near Fairbanks and Juneau, and Nome are responsible for most of Alaska’s historical and all current gold production.
possible and undiscovered), the United States is at the top of the list with 264 billion barrels of recoverable oil reserves, followed by Russia with 256 billion, Saudi Arabia with 212 billion, Canada with 167 billion, Iran with 143 billion, and Brazil with 120 billion (Table 1).
|Proven reserves (millions of barrels)||U.S. EIA (start of 2020)||OPEC (end of 2017)|
|Venezuela (see: Oil reserves in Venezuela )||1||302,809|
|Saudi Arabia (see: Oil reserves in Saudi Arabia )||2||266,260|
|Canada (see: Oil reserves in Canada)||3||4,421|