We do not want to be the cheapest place in the world to buy oil, or even a “low cost” supplier.At the very least, we want Alaska’s fair share.
FILE - This undated file photo shows the Trans- Alaska pipeline and pump station north of Fairbanks, Alaska . For decades, Alaska has had an uneasy reliance on oil, building budgets around its volatile boom-or-bust nature. When times were rough, prices always seemed to rebound, forestalling a day of reckoning some believe may finally have come.
Our three legacy fields are forecast to produce about 500,000 barrels of oil per day for the next 10 years. Multiplied by 365 days, that means our fields produce about 182,500,000 barrels of oil every year. Multiplying that number by $60 per barrel — a little less than forecast, by the way — means that the wellhead value of our oil is $10.95 billion per year. Over 10 years, that equals $109.5 billion.
So what, exactly, is a billion dollars? It is one thousand million dollars. But people opposing Alaskans getting a fair share from our own oil tell us we do not have the revenue to pay for even $6 million or $7 million for domestic violence prevention, Head Start programs, adult public assistance or behavioral health programs, or the $50 million hospitals and providers need to extend important health care services to many Alaskans.
ConocoPhillips, after all costs, in 2018, had a net profit of approximately $26 per barrel of the 62,415,000 barrels it produced from our oil, per its 2018 annual report. The same is essentially true for Exxon and BP/Hilcorp, as to our legacy fields, but they hide their Alaska-specific info from the public. We need information from our producer partners. Transparency is the necessary path to fairness and good public policy.
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