A new study has identified the enormous potential for development of the domestic energy resources in Alaska’s outer continental shelf (OCS). The study, conducted by Northern Economics and the Institute for Social and Economic Research (ISER), highlights the reserves as vital for American economic progression.
The American Petroleum Institute (API) has responded to the study by calling on the Obama administration to adopt an all encompassing energy approach that leverages the country’s offshore resources in Alaska.
The study states that development of the Alaskan OCS resources could produce almost 10 billion barrels of oil and 15 trillion ft3 of natural gas. The economic impact could create an annual average of almost 55 000 new jobs, US$ 145 billion in new payroll nationally and US$ 193 billion in government revenue until 2057.
API views the reserves as more important than ever given the current political turmoil in the Middle East and a gradually increasing demand for energy from a fragile American economy.
The Alaska OCS holds the potential to make Alaska the eighth largest oil resource province in the world, according to the study.