Alaska’s oil and Gas Expected to be Huge Economic Driver Over Next 5 Years

Wednesday kicked off the seventh annual Alaska Oil and Gas Association conference at the Dena’ina Center. It was centered on a theme of ‘bringing it home. The industry event includes a lineup of speakers and vendors. They are all interested in the future of the energy economy.

Katie Berry, director of economics and research at the firm McKinley Research. It presented a new report to those in attendance giving insight on the investments, jobs, and industry growth in 2022. Moreover, it will bring a vast growth within the next five years.

The job report release includes research from a study on 15 of the companies. These companies are operating in the oil and gas industry.

Currently, the state’s oil and gas industry contributes to nearly 70,000 jobs in Alaska. This could grow as the industry expects to invest $14 billion in projects in the next five years.

The world is consuming 100 million barrels of oil a day. Moreover, the Alaska Oil and Gas Association President and CEO Kara Moriarty maintains the daily need for the oil and gas industry is not going away. She says it’s important to continue producing the energy in Alaska.

“We need to continue to focus on producing that energy at home, we need energy independence not only now but into the future for our country,” Moriarty said. “That all ties into our theme, our theme is bringing jobs, energy, and innovation back here to Alaska to continue to grow our economy.”

According to the report, one direct oil and gas job supports 15 additional jobs in Alaska — and every $1 in direct oil and gas wages supports $4 in additional wages in Alaska.

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Source: Alaska’s News Source

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