New book examines Alaskan oil's worth for companies, stakeholders
The Last Alaskan Barrel: An Arctic Oil Bonanza that Never Was by John M. Miller challenges universally held ideas about 'Big Oil' profits in Alaska
ANCHORAGE, Alaska (MMD Newswire) September 14, 2010 -- The Last Alaskan Barrel: An Arctic Oil Bonanza that Never Was by John M. Miller is a case study that calculates the profit from the largest petroleum development in North American history, and explores how it was shared by Alaska, the federal government and the oil companies.
Was the reward from development of Alaskan oil over the past 50 years worth the investment risk?
In Miller's The Last Alaskan Barrel, he explores how the unexpected low oil prices, unforeseen high costs and creeping taxes associated with Alaskan oil would have kept oil companies from getting involved if they could have foreseen the future. Miller sifts through popular opinions, facts and perceptions to get at what he feels is the real economic story of Alaskan oil. Beginning with a history of Alaska and the oil age, Miller chronicles the exploration of the Arctic and the discovery of oil near Prudhoe Bay.
While it was first believed that the area was swimming with cheap crude oil, a federal study, done just two months before production, contradicted this assumption. Over the next several decades, low oil prices, high development costs and tax increases all ended up generating much smaller profits from Alaskan oil than ever expected.
Meant to be thought-provoking, The Last Alaskan Barrel studies the past of Alaskan oil and takes a glimpse at its future.
The Last Alaskan Barrel: An Arctic Oil Bonanza that Never Was is available for sale online at www.thelastalaskanbarrel.com through Amazon and other channels.
About the Author
John M. Miller managed Alaskan projects for more than a decade, including the world's largest natural gas facility. He led an international team through the first natural gas project in China and was managing director of an exploration company in Norway. During his career with a major oil and gas company, he handled long range planning, business development and project management in the western United States, Norway, Japan, Korea, China and Indonesia. He was chairman of the Trans-Alaska Pipeline Owners Committee, a board of directors that oversees the Trans-Alaska Pipeline System. He holds a Bachelor of Science degree in aerospace engineering and a Master of Science in mechanical engineering from the University of Texas. He lives in Anchorage, Alaska with his wife.