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Morning Headlamp - Alaskans to receive an additional $1000+ if bills pass

Murkowski and Sullivan introduce ANWR legislation


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AK Senators' lucky number. As recently reported, Sens. Lisa Murkowski and Dan Sullivan recently introduced S 49, the Alaska Oil and Gas Production Act, which would allow development of no more than 2,000 surface acres within the 1.5-million acre coastal plain of the ANWR, a region also known as the 1002 Area.

 

"For nearly 40 years, Alaskans have proven that we can responsibly develop our natural resources while protecting the environment," U.S. Senator Lisa Murkowski said in a statement. "Alaskans overwhelmingly support responsible development in the non-wilderness portion of ANWR and there is no valid reason why we should not be allowed to proceed." U.S. Senator Dan Sullivan said it was "shameful" that the federal government has been ignoring decades of pleas by Alaskan officials to allow limited development of the 1002 Area.

 

According to the U.S. Geological Survey (USGS), the portions of the 1002 Area controlled by the federal government hold an estimated 7.7 billion barrels of technically recoverable oil. The USGS estimate climbs to 10.4 billion barrels with the inclusion of Native lands and adjacent state-controlled water areas within a three-mile offshore boundary.

 

According to a Fairbanks Daily News Miner editorial, "In Juneau this year, legislators should think about what Alaska can afford and what it can't. Ultimately, the state can afford what its people are willing to pay for. And what it can't afford is another year of inaction on revenue from the Legislature."

 

Gone but not forgotten. Legislation to restore the permanent dividends was proposed by Republican Sen. Mike Dunleavy of Wasilla and incoming Republican Rep. David Eastman of Wasilla. Democratic Sen. Bill Wielechowski of Anchorage revived a proposal he has pushed previously with little success which he said would enshrine the current dividend formula in the state Constitution. Incoming Republican state Rep. George Rauscher of Sutton has proposed putting a spending limit in the constitution. For any of the constitutional-change proposals to go before voters, they first will need two-thirds support in both the House and Senate.

 

Oil prices have recovered after a more than two-year slump caused by a glut due to U.S. shale oil flooding the market. Prices have risen about 21 percent since the OPEC, which accounts for a third of global oil output, signed an agreement in November to curb supply. "With OPEC putting a floor on oil prices, operators have greater confidence to drill and complete, although the early stages of the recovery will be uneven," Barclay's analysts wrote in a report.

 

First Reads

Time for hard budget questions: Legislators must confront what Alaska can, can't afford
Fairbanks Daily News Miner, January 8, 2017

Bill Would Allow Limited Development of Alaska's 1002 Area
Natural Gas Intel, Charlie Passut, January 9, 2017

Bills filed to restore Alaska payout cut by governor
The Associated Press, January 9, 2017

Oil Rally: No Longer A Mirage
Seeking Alpha, January 9, 2017

API Chief: Offshore Oil and Gas Production Could Create 800,000-Plus U.S. Jobs, $200 Billion Annually to Treasury
CNS News, Penny Starr, January 9, 2017

Oil companies may boost E&P spending after 2 years of declines - Barclays
Reuters, January 9, 2017

AK Headlamp
A project of the Alaska Support Industry Alliance
3301 C Street
Anchorage, AK 99503

 

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