Texas and North Dakota crude production is leaving Alaska in the dust, a Fox News report said.
Alaska is now fourth among oil-producing states — trailing Texas, North Dakota and California.
“There’s definitely a hit to the state pride,” said Alaska Department of Natural Resources Commissioner Joe Balash told Fox News. “There’s a certain amount of embarrassment that a place as over-regulated and over-taxed as California is eclipsing Alaska.”
Alaska production peaked in 1988 with 2.1 million barrels of oil per day. Last year production hit a low of 526,000 barrels per day.
Prudhoe Bay on Alaska’s North Slope is still the largest oil field ever discovered in the U.S., Fox News said.
Over the past 40 years, 16 billion barrels of oil have been produced from the North Slope. Estimates put remaining reserves there at 10 billion barrels.
In 2008, oil companies paid a record $6.8 billion in production taxes. The state’s Permanent Fund is $45 billion. This year the fund paid every Alaskan $900, Fox News said.