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Blythe Campbell
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November's Alaska Trends, published by the Alaska Department of Labor, highlights employment in Alaska's successful commercial fishing industry. Although exact employment numbers are difficult to get because most workers are self-employed, the Department estimates that 9,900 permit holders employ 22,000 crew members in Alaska. Continue reading
Posted Nov 1, 2012 at Alaskanomics
The Energy Information Administration (EIA) has launched a beta site with energy production and consumption profiles for Alaska and other U.S. states. Their 2010 shows Alaska with the second highest per-capita energy consumption in the United States, behind Wyoming, at 899 million btus of energy equivalent. Continue reading
Posted Oct 25, 2012 at Alaskanomics
Alaska Airlines ranked 10th among U.S. airlines, with 9.7 million enplaned passengers, up 5% from the previous year. Alaska Airlines had a 64% share of departing and arriving passengers at Anchorage's Ted Stevens International Airport from January through July 2012. Continue reading
Posted Oct 24, 2012 at Alaskanomics
In an article published in the Oil & Gas Financial Journal, economist Roger Marks examines the decisions made by the Alaska Senate's leadership when they considered the governor's ACES legislation last year, and concludes that the decision was made using "problematic" reasoning he calls "DIRE" - Different Inputs, Results Equal: Continue reading
Posted Oct 23, 2012 at Alaskanomics
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The Tax Foundation utilizes individual income taxes in its ranking because many types of businesses report their income through the individual income tax code. Thus, this favorable ranking for Alaska is not likely to influence investment decisions for corporations where Alaska is ranked in the lower half of all states. Alaska's corporate tax rank dropped two places from 2012. Continue reading
Posted Oct 12, 2012 at Alaskanomics
In energy news, Alaska Governor Sean Parnell issued a press release October 3 outlining progress by Alaska's three major oil producers in advancing an Alaska LNG project. The letter from the producers and TransCanada estimates total project costs at $45 to $65 million. The news received extensive coverage, from Bloomberg, Reuters and others. Meanwhile, Cheniere Energy in Louisiana made a deal to sell LNG at Henry Hub pricing, which undercuts potential long term LNG contracts based on the price of oil. Shell, which started drilling in the Chukchi Sea in early September, began drilling in the Beaufort Sea on October 3. Baker Hughes released September rig count data showing Alaska with 6 land rigs and 1 offshore rigs working, one more than the August count. Golden Valley Electric (GVEA) and the EPA signed a consent decree to allow GVEA to restart the Healy Clean Coal Plant. GVEA's timeline to restart the plant is 18-24 months. On October 4, Alaskans received a total of $567 million in Alaska Permanent Fund dividends. Yesterday, Alaska Airlines ordered 50 new Boeing aircraft worth $5 billion. Continue reading
Posted Oct 12, 2012 at Alaskanomics
In the October issue of Alaska Trends, the Alaska Department of Labor forecasts job growth in Alaska's industries from 2010 to 2020. Health care and social assistance jobs lead the forecast, with 13,000 new jobs in the coming decade. This is one-third of all new jobs that will be created, growing health care jobs from about 13% of Alaska's jobs in 2010 to 15% in 2020. Continue reading
Posted Oct 1, 2012 at Alaskanomics
A press release from the Norwegian Petroleum Directorate announced the signing of a new agreement to share costs and data among every company with a production license on the Norwegian shelf in an effort to boost oil recovery. The average recovery rate is now 46%. Continue reading
Posted Aug 21, 2012 at Alaskanomics
Alaska's seasonaly adjusted unemployment rate rose to 7.7% in July, up from 7.2% in June but down from 7.7% in July of 2011, according to a press release issued by the State of Alaska Department of Labor. Continue reading
Posted Aug 17, 2012 at Alaskanomics
The U.S. Bureau of Land Management announced this week the selection of Alternative B-2 for the National Petroleum Reserve-Alaska, an alternative that allows leasing on 11.8 of the 22.8 million acres of land in the petroleum reserve. A comparison chart of the alternatives shows Alternative B-2 would allow access to 72% of the estimated 549 billion barrels of oil and just 50% of the estimated 17.4 trillion cubic feet of natural gas in the petroleum reserve. Continue reading
Posted Aug 14, 2012 at Alaskanomics
The web note's analysis shows that Alaska's FY2013 budget (the budget approved by the legislature in April 2012 that runs from July 1, 2012 through June 30, 2013) is $1.2 billion too high for "maximum sustainable yield." Continue reading
Posted Aug 10, 2012 at Alaskanomics
The state has collected $170 billion in oil revenues since 1977 (in today's dollars), and $141 billion of those revenues were initially deposited into the General Fund - accounting for 85% of General Fund revenues since 1977. For 2012, the share was 92% - the highest share ever. Continue reading
Posted Jul 12, 2012 at Alaskanomics
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Production in June ranged from a high of about 592,000 barrels on June 12 to a low of 381,000 barrels on June 2 due to planned maintenance. Average production for the month was about 517,000 barrels per day, compared to an average of about 581,000 barrels per day in June 2011 - an 11% decline. Continue reading
Posted Jul 5, 2012 at Alaskanomics
The U.S. Energy Information Administration (EIA), in its Annual Energy Outlook 2012, projects that Alaska North Slope oil production could shut down as early as 2035 under their Low Oil Price case. Continue reading
Posted Jun 25, 2012 at Alaskanomics
In the U.S. Energy Information Administration's (EIA) Annual Energy Outlook 2012, the agency identifies the decline of oil shipped through the Trans-Alaska Pipeline (TAPS) as one of the more significant current and emerging issues impacting energy markets. Continue reading
Posted Jun 25, 2012 at Alaskanomics
Alaska's Department of Natural Resources (DNR) has released a draft Yukon Tanana Area Plan covering 9 million acres of land. The plan will direct how DNR will manage state lands within the planning area. The last land use plan covering this area was developed in 1985 and partially revised in 1991. Continue reading
Posted Jun 25, 2012 at Alaskanomics
A new report by UAA's Institute of Social and Economic Research (ISER) analyzes federal spending in Alaska. For the last five years, base spending has been about $10 billion per year, but in 2009 and 2010 Alaska received additional funds from the stimulus package - the American Recovery and Reinvestment Act - that added $2.2 billion in additional federal funds. Continue reading
Posted May 18, 2012 at Alaskanomics
The report notes "Alaskans have resource development opportunities that most other states, regions and even countries can only dream of..." but because of many challenges, success in developing the state's resources has been limited. Continue reading
Posted May 17, 2012 at Alaskanomics
The State of Alaska recently released visitor statistics from the summer of 2011 (May 1 through September 30). An estimated 1.56 million people visited Alaska last summer, with 57% arriving by cruise ship, 39% by air, and 4% by highway/ferry. Visitors spent a total of $1.5 billion, not including their transportation to and from Alaska, down 1% from 2006 (in inflation-adjusted dollars, the decline is 13%). Continue reading
Posted May 15, 2012 at Alaskanomics
On April 4, the ANS crude price was about $17 more per barrel than WTI, while WCS was priced at $23 below WTO - a difference of $40 per barrel. With this "huge arbitrage," Hackett predicts that the Canadian producers will work hard to move their oil to the West Coast, potentially displacing Alaska's crude. Continue reading
Posted May 8, 2012 at Alaskanomics
Reuters reported today that Russian Prime Minister Vladamir Putin has approved a package of stimulus measures to increase oil production. "We have to send a clear signal to both domestic and international companies, to stimulate them to work in such a difficult - but at the same time prospective - sector," Putin said. The tax relief measures, including a sliding scale of tax breaks from 50% to 100% for production of unconventional resrources in the mature oilfields of Western Siberia. Alaska's shale oil and gas resources could be as high as 2 billion barrels of oil and 80 trillion cubic feet of gas. Continue reading
Posted May 3, 2012 at Alaskanomics
In a presentation at ComFish2012, Gunnar Knapp presented data on Alaska's commercial salmon fishery that showed significant gains in harvests, prices, and values - and a more diverse market for Alaska's salmon exports. Knapp is a Professor of Economics at UAA's Institute of Social and Economic research (ISER), and a fisheries expert. Continue reading
Posted Apr 19, 2012 at Alaskanomics
Alaska currently has the country's only LNG export facility, in Kenai, which is owned and operated by ConocoPhillips. The plant was constructed in 1969 and supplies natural gas under contract to two Japanese utilities. The company had announced in 2011 that the plant would be shut down, but a ConocoPhillips spokesperson said today that the plant is now operating and will deliver four cargoes in 2012, the first in May. Continue reading
Posted Apr 17, 2012 at Alaskanomics
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Because the industry is one of the world's largest, and its revenues are based on the current high price of oil, profits in absolute dollars may indeed be setting company records - but the percentage of profits on those revenues is modest compared to other industries. Continue reading
Posted Apr 11, 2012 at Alaskanomics
IRS data, from addresses on federal tax returns, shows that 30,000 people moved to Alaska from 2009 to 2010, and about 27,000 moved out of Alaska. Continue reading
Posted Apr 6, 2012 at Alaskanomics