Petroleum And Mining In Alaska

Alaska is the largest state by area in the U.S. Most areas of Alaska remain uninhabited and less densely populated because of the climate changes. Petroleum and mining in Alaska focus on pursuit, identification, and development of strategic opportunities across Alaska and beyond. The petroleum and mining industries are a major part of Alaska’s growing economy.

Petroleum seepages have been known for at least fifty years in Alaska. Alaska Petroleum has favorably the best product, high bases of gasoline content make its products more favorable. The mining industry of Alaska greatly expands both in variety of minerals and the value in the output. Some of the minerals from Alaska include:4t5y6u67i8676

  1. Barytes: Used in the manufacture of paints
  2. Chromate: It is used as an alloying ingredient in stainless and tool steels.
  3. Cinnabar: The color of cinnabar is used in coloring.
  4. Coal: This is used as an energy resource and production of heat and electricity.
  5. Copper: Used as a conductor of heat and electricity.
  6. Gold: Gold from Alaska is more distributed to the world than any other country in the world.
  7. Graphite: Used in the manufacture of pencils and lubricants.

Petroleum and Mineral Exploration

There great challenges in the exploration of minerals and petroleum in Alaska. However, the need for the products and modern technologies has pushed the exploration process further. Alaska forms part of the larger Artic region with many other petroleum sites.

Prudhoe Bay Oil Field is the largest oil field found in the North Slope of Alaska. Large amounts of ice have been known to cause serious problems during exploration. There have been different sites discovered for exploration. In 2016 the Smith Bay site was discovered by Caelus Energy Alaska. It produces over 200,000 barrels every day of mobile, light oil. To stay updated on the latest petroleum and mining news that matter, we recommend that you subscribe to newsletters that provide coverage of the current news topics in Alaska and other parts.

Minerals, Petroleum Impact to Alaska Economy

e5yr6tyrthrIn 2013, the mining industry contributed close to $3.4 billion in Alaska’s economy. The present-day petroleum and mining in the state influence the economy in a major way. Metal mining is known to provide real income for most companies. It is a robust sector in the larger Alaska mining industry.

There has been a driving dynamism of total value versus the cost of mining. The need to establish reliable markets, locally and internationally, has thus been on the rise. The prices are highly affected by the world prices for the commodities. The federal and local governments have been key stakeholders in shifting the Alaska’s petroleum and mining industries.…

Pros And Cons Of Oil Drilling In Alaska

Alaska, the largest and among the most beautiful states in the US, comes with plenty of resources as well. Among the resources is oil, a fossil fuel that the entire world depends on for fuel. There have been recent discoveries of huge oil reserves in the Alaska, especially on the North Slope. Speculated to be over a billion barrels of oil, it is the largest onshore discovery of oil in the country within the last three decades. Production has not started yet, but plans are underway. This makes it important to consider all the benefits that we will reap from it, as well as the cons that come with it. Below are some of the pros and cons.

Pros of oil drilling in Alaska

Provision of more oil resources in the market

Just like any other traded product, oil follows the chain of supply and demand. This means that when the oil hits the market, the supply to demand ratio will change. The result of this will be better oil prices to the consumers for all the products of oil.

Reduce dependence on foreign oil

America happens to be among the largest consumers of oil. Millions of oil barrels are imported to America every year. With the oil drilling in Alaska, it is expected that the amount of oil imported will reduce significantly. This means that reliance on the foreign countries for this important source of energy will also reduce.

Jobs creation

Oil drilling comes with lots of job opportunities. Those who expect to benefit the most are the ones in the middle-class salary category. Given the current economy of the country as well as the high unemployment rate, this will come as a great advantage.

Cons of oil drilling in Alaska

Destruction of natural habitats

There are some unique species of wildlife, which can only be found in Alaska. The oil drilling is likely to interfere with those habitats, reducing them or completely wiping them out. This might result in some of those species becoming extinct.

Risks of contamination

tuygtfrtufrdtkfhgThere will be a construction of an extensive network of pipelines, which will be required to move the oil to the refineries. The pipelines pose a lot of risk to the environment in terms of spillage. The pipeline in itself can also be a terrorist target, which can result in catastrophic losses.…