Did You Know?

Oil and gas is Alaska's largest non-governmental industry.

  • Statewide, the industry generates 38 percent of all wages.
  • Every direct oil and gas job generates 20 additional jobs.

 

The oil and gas industry accounts for one-third of all Alaska jobs!

  • Primary oil and gas companies generated 5,335 jobs in 2013. Of those jobs, 88 percent were held by Alaskans.
  • For each primary company job, 20 additional jobs are generated in the Alaska economy.
  • For each dollar earned by employees of the primary companies, a total of $8 in additional wages are generated in Alaska.
  • In 2013, the industry accounted for 33 percent of all wage and salary employment in Alaska (111,000 out of a total of 335,000) and 38 percent of all wages ($6.45 billion in wages out of total of $17.1 billion).

 

Oil and gas revenues benefit the State and local communities

  • In the state's 2014 fiscal year, oil and gas revenues represented 88 percent of Alaska's unrestricted general fund.
  • Petroleum revenue is projected to provide at least 83 percent of forecast unrestricted general funds through FY 2024.
  • An estimated $9 out of $10 distributed from Alaska's Community Revenue Sharing Fund is oil-related revenue, reaching about 229 municipalities, boroughs, and unincorporated communities in Alaska.

 

Alaska's oil and gas industry: paying dividends for Alaskans.

A portion of oil revenues was set aside in 1976 for future generations. The Alaska Permanent Fund, now worth approximately $51 billion, distributes an annual dividend. Since the dividend started in 1980, a family of four has received $148,109. This includes the 2014 dividend of $1,884 for every eligible Alaskan.

 

Alaska's oil and gas industry: Contributing to our community organizations.

  • The oil and gas industry donates millions to local non-profits every year.
  • Beneficiaries including community foundations, the University of Alaska - all campuses and statewide - social service agencies, the United Way, and arts and cultural organizations throughout the state.

The Swanson River oil field in Kenai was discovered in 1957 after 166 consecutive dry holes were drilled in Alaska (production begins 1961).

In 1950, the wellhead price of U.S. crude oil was $3.09 per barrel.

In 1959, the first offshore Cook Inlet lease sale occurs and Alaska becomes 49th state.

In 1963, Cook Inlet natural gas becomes the major fuel source for power generation to Southcentral Alaska communities.

In 1968 Prudhoe Bay, largest oil field in North America, discovered (production begins 1977).

In 1968 State petroleum revenues increase to $52 million; 46% of unrestricted general fund.

In 1988 North Slope production peaks at 2 million bpd.

In 1990:

  • Persian Gulf War starts; oil prices increase to more than $20 per barrel.
  • Constitutional Budget Reserve Fund (CBR) created by constitutional amendment.
  • Alaska population: 550, 043.

1997 was the 20th anniversary of TAPS.

In 2005 the 15 billionth barrel of oil is transported through TAPS.

 In 2014:

  • TAPS moves its 17 billionth barrel of oil.
  • Alaska says no to Ballot Measure 1, and yes to oil tax reform.