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Way back in 1980, Congress passed the Alaska National Interest Lands Conservation Act, establishing the Arctic National Wildlife Refuge and making numerous other land use decisions for our 49th state. Section 1002 of the act postponed a decision on managing ANWR’s 1.5-million-acre coastal plain, which has enormous oil and gas potential and is important summertime wildlife habitat.
For four decades, environmentalists blocked legislation that would have opened the coastal plain to leasing and drilling. In 1995 President Clinton vetoed a pro-drilling bill that had passed both houses.
Legislation - Congress - America - Petroleum - Resources
At long last, the tax-cut legislation just passed by Congress allows America to benefit from the petroleum resources that experts predict will be found in a small section of the plain, along Alaska’s northern coast. The legislation directs the Interior Department to hold at least two lease sales over the next 10 years, for a maximum of 2,000 acres opened to drilling. Analysts say the sales could fetch as much as $2.2 billion.
The area contains an estimated 10.4 billion barrels of oil, says Alaska Senator Lisa Murkowski, chair of the Senate Energy and Natural Resources Committee. Others put the petroleum potential even higher.
US - Geological - Survey - Congressional - Research
The U.S. Geological Survey and Congressional Research Service say it’s 95% likely that there are 15.6 billion barrels of oil beneath ANWR. With today’s exploration, drilling, fracking and other technology, up to 60% of that may ultimately be recoverable.
At $50 a barrel, that represents $460 billion that the USA would not have to send overseas; tens of billions in Alaskan and United States royalty and tax revenues; and thousands of jobs in oilfield, manufacturing and many other sectors.
IRS - Oil - Company - Oil - Gas
After the IRS, oil company oil and gas royalty payments represent the single largest contribution to the U.S. treasury. Companies that produce from federal onshore and offshore leases pay royalties of up to 18% of wellhead...
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