Alaska is poised to alter its social contract with people like Paul Alexie for the first time in its 56-year statehood. Oil riches have ensured that the 23-year-old Yupik Eskimo from Bethel doesn’t pay state sales or income taxes. Instead, Alaska pays him. He’ll use $2,072 that lands in his bank account today to defray […]
Shell is far from alone in making a big bet on an offshore play only to end up with disappointing results. From the Gulf of Mexico to the shores of Angola, offshore exploration has yielded plenty of dry holes.
“If the U.S. stands in the background, Russia will move forward, and things won’t be as good as they could be if the U.S. had a seat at the table in the Arctic,” said Jed Hamilton, senior Arctic consultant at Exxon Mobil Upstream Research Company.
Although other gravel islands have been built in the Beaufort Sea, Hilcorp’s proposed Liberty project would be the first oil production facility located entirely in federal waters off the Alaska coast.
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