Economy

All Alaska economy and business news, including the Alaska Economic Report.

fiber optic cables

With massive federal funding, Western Alaska fiber optic projects prepare for rollout

Multiple Alaska companies have partnered with tribal entities to secure federal broadband funds under the Biden-Harris administration.

Alaska congressional delegation takes concerns about Albertsons-Kroger merger to FTC

U.S. Sens. Murkowski and Sullivan expressed "deep concerns." Congresswoman Peltola asked the FTC to block the merger.

Walker: I’ll pull reserves tax if AKLNG partners cement withdrawal agreement

With two days to go until the session opens, it’s already off to a testy start. Download Audio
people in line at a crowded airport

A record number of Americans may fly this summer. Here’s everything you need to know.

Memorial Day weekend kicks off the busy summer air travel season and this may be the busiest ever. But some worry it could be another summer of delays and cancellations after a "pretty rocky" 2022.
a building

Federal energy grants help lighten Alaska nonprofits’ load

Nonprofits typically run on a shoestring, and energy — which the $4 million in federal funding assists with — is usually their second-highest expense.
tourists

Klawock hopes for an economic boost as it welcomes cruise ships for the first time

The ceremony was the result of 18 months of planning by tribal leaders, who are hoping to revive the town’s flagging economy with tourism.
a gas pump

Saudi Arabia cuts oil production again to shore up prices — this time on its own

Saudi Arabia will begin cutting oil production by 1 million barrels per day in July to support the "stability and balance of oil markets."

Shell reports $6B in Q3 losses

Royal Dutch Shell has announced its quarterly financial results and they're not good. Adjusted for changes and one-time tems, earnings fell 70 percent.

Pandemic relief bill is the biggest thing Congress has done to battle climate change in years

Advocates credit Sen. Murkowski. “It's certainly the largest clean energy and climate bill in a decade,” said one.
a woman

Cold weather delays harvests, but doesn’t stop Homer peony celebration

Peonies in Alaska are usually ready to pick in early July — months later than other peony hubs and just in time for the mid-summer wedding season.

Naknek Electric Association Tests Geothermal Project

Adam Kane, KDLG – Dillingham The Naknek Electric Association has started testing on the first well of their Geothermal Electric Generation Project near King...

S&P warns further downgrades may be on horizon

Standard & Poor's downgraded Alaska's credit rating Tuesday after months of warnings to shore up the state budget. With plunging oil prices wreaking havoc on the state's budget, the agency knocked the state down a notch from the top AAA rating it has held for the last four years. Download Audio

Reactions to Shell’s decision range from remorse to relief

Governor Bill Walker is calling Shell’s announcement a "huge disappointment." He says the end of Shell’s offshore dreams means the state must push harder for the federal government to allow drilling in another controversial region -- the Arctic National Wildlife Refuge.
the state ferry Matanuska

Alaska’s new state ferry director says reliability is his priority

Craig Tornga comes to the job with 46 years in the marine industry, including Crowley Marine Services in Alaska and Kirby Offshore Marine in Texas.
a barge

The rivers froze before gasoline arrived in Nunapitchuk

A fuel barge sent to the Western Alaska village got stuck in forming ice last week. Vitus Energy plans to supply the fuel later when an ice road forms.

Questions about Biden’s approval of Arctic drilling of Willow? We’ve got answers.

What we know about the permit ConocoPhillips won in the National Petroleum Reserve and the new limits Biden is imposing on drilling there.

Same but different: how Alaska and Norway are handling low oil prices

An oil-dependent economy straddling the Arctic Circle, battered by low prices but sitting on a massive savings account: that could describe Alaska -- but it also describes Norway. Download Audio

As Alaska welcomes Ukrainian refugees, state resurrects program to help immigrants get jobs

The Office of Citizenship Assistance will help refugees overcome the employment challenges that come with resettling to a new country.
A woman smiles while bent over looking at her laptop screen in her classrom.

As the school year begins, Alaska school administrators worry low enrollment could impact state funding

Financially, there is a lot at stake. State funding of public schools is tied directly to enrollment.
the Beaufort Sea

Liberty, an ambitious offshore oil project that once sparked excitement, is now in limbo

The saga of what was once considered a cutting-edge Arctic development provides a cautionary tale about big Alaska oil projects.