Economy

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

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Offshore leasing plan leaves door open to Arctic drilling – for now

The Obama Administration released its draft plan for offshore oil and gas drilling over the next five years. It includes three lease sales in Alaska: two in the Arctic - in the Beaufort and Chukchi Seas - and one in Cook Inlet.
north slope

BLM director visits North Slope

The director of the Bureau of Land Management is visiting the North Slope this week. Over the next two days, director Neil Kornze will meet with Native corporations, local government officials, and community leaders in the region. On Tuesday, Kornze was helping cap two legacy wells south of Barrow. The Simpson Core and Iko Bay were both drilled by the U.S. Navy in the 1950s. They’re among 18 legacy wells the BLM plans to clean up this year.
Alaska News Nightly Trail Lake Moose Pass Alaska

Scientists use ice wedges to chart climate change in the Arctic

For years scientist have known permafrost can act as reliable gauge to chart climate change in the north. A new study in the journal Nature Geoscience reveals the wide extent and speed in which ice wedges are degrading and altering the landscape. Download Audio

Irreversibility of climate change discussed at Arctic Science Summit

Government leaders and policymakers from circumpolar nations say they rely on the very best and latest science to make decisions about how to adapt to climate change and a rapidly warming Arctic. They converged in Fairbanks last week at the same time as one of the largest groups of Arctic scientists met to brainstorm on the next round of new research. Download Audio

Tax credits reduced for oil and gas companies

The House Resources Committee unveiled its version of an overhaul of the state’s oil and gas tax credits. Download Audio

Plan to replace tanker escort in Prince William Sound raises concerns in Valdez

Alyeska Pipeline Service Co., which runs the Trans-Alaska Pipeline, is splitting with its longtime provider of oil spill prevention and response services in Prince William Sound. Download Audio
Alaska News Nightly by Alaska Public Media

Savings on tax credits for oil and gas not as high as proposed

A bill to revise oil and gas tax credits from the House Resources Committee includes only a fraction of the savings Governor Bill Walker proposed. Download Audio

Indigenous communities in Russia say retreating sea ice pushes walruses away

As Arctic sea ice has retreated north during the last decade, walruses have adapted by changing their haul-outs to take advantage of better resources and food. That's good for the walruses... but it's a problem for some Russian indigenous communities on the Chokotkan coast. Download Audio
Alaska News Nightly by Alaska Public Media

Golden Valley Electric investigates coal plant explosion

It will be months before a Golden Valley Electric Association coal fired power plant comes back on line. The plant, one of two Golden Valley operates in Healy, has been down since a coal dust explosion on March 3rd. The incident is similar to two other that occurred during initial testing of the recently re-stated power plant. Download Audio

Alaska’s unusual oil tax credit system poses daunting budget challenge

The state's refundable credit program is unusual - and huge. In recent years, refundable credits have become the third-largest line item in the general fund budget. Download Audio

Rep. Olson bill would tax Permanent Fund dividends as budget stopgap

Representative Kurt Olson, a Soldotna Republican developed a plan to tax Permanent Fund dividends back in February. But he didn’t introduce it at the time, because he wanted to see how the debate over plans from Governor Bill Walker and others unfolded. Download Audio

Caelus Energy announces major cuts, sharply criticizes Walker oil tax bill

The North Slope oil producer announced Friday it will lay off 25 percent of its 80-person work force and suspend drilling at the Oooguruk oil field, potentially affecting hundreds more contractor jobs.

Alaska House postpones vote on oil tax bill – again

For the second time in two days, House lawmakers have postponed a final vote on Gov. Bill Walker's controversial oil tax bill, a cornerstone of the governor's efforts to close the state's $4 billion budget deficit. Download Audio

Industry calls Senate oil tax credit bill “bad for Alaska”

As the Alaska House continues its marathon debate on the oil and gas tax credit bill, the Senate is moving its own version forward, hoping to beat the clock with just four days left. Download Audio

Oil and gas tax credit debate rages ahead of legislative session end

The House spent six hours debating oil and gas tax credits Tuesday night. And they’re not done yet – lawmakers will pick up the bill again Wednesday. Download Audio

Renewable Energy Fund, casualty of budget crunch, may get new lifeline

Since 2008, Alaska's Renewable Energy Fund has supported scores of projects around the state. But so far, it has not been included in this year's budget. Download Audio

U.S. Senate passes Murkowski’s energy modernization bill

The U.S. Senate this morning passed Sen. Lisa Murkowski’s energy modernization bill, by a vote of 85-12.

How Murkowski crafted an energy bill that 80 senators have a stake in

The U.S. Senate is the final resting place for a lot of legislation, but today it passed a broad energy bill. It's passage is a political coup for its sponsor, Sen. Lisa Murkowski, who says she had lots of co-authors. Download Audio

Trans-Alaska Pipeline up and running after tank fire the previous day

The Trans-Alaska Pipeline is back in operation following a tank fire that shut it down for 9 hours yesterday. Alyeska Pipeline Service Company spokeswoman Michelle Egan said workers at Pump Station 5 saw flames coming from a large crude oil storage tank at Pump Station 5 at the base of Atigun Pass in the Brooks Range around 2:20 Wednesday afternoon. Download Audio

ConocoPhillips to add wells at CD5 site in Alpine Field

Oil development is ramping up in the National Petroleum Reserve. ConocoPhillips Alaska Inc. says it's adding wells and other infrastructure at its CD5 site in the Alpine Field. Download Audio