High oil prices are associated with increased oil revenue and economic activity in the state — but how much do individual Alaskans feel those benefits? We spoke to state economist Sara Teel to find out.
The Trans-Alaska Pipeline runs alongside the Dalton Highway near the Toolik Field Station on June 9, 2017, in the North Slope Borough.
After two years of volatility, including some of the lowest oil prices on record, Alaska’s North Slope crude has been over $100 a barrel since March. The following transcript has been lightly edited for clarity.We have definitely seen those kinds of lows and those kinds of highs. In March/April of 2020, we saw prices plunge into the negative territory. And that was for a number of reasons. We had a price war that was going on between Russia and Saudi Arabia.
It’s going to take time for the benefits, but the costs are going to probably come a little bit sooner. It’s a double edged sword.
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