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:
- Barytes: Used in the manufacture of paints
- Chromate: It is used as an alloying ingredient in stainless and tool steels.
- Cinnabar: The color of cinnabar is used in coloring.
- Coal: This is used as an energy resource and production of heat and electricity.
- Copper: Used as a conductor of heat and electricity.
- Gold: Gold from Alaska is more distributed to the world than any other country in the world.
- 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
In 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.