After Alaska North Slope crude oil prices hit a record low in April 2020, they’ve risen to more than $100 per barrel.
and investors are shying away from funding projects in environmentally sensitive areas such as the Arctic.
In Alaska, the COVID-19 pandemic gutted the oil and gas workforce. Jobs plunged by about 40% as demand for crude oil, and the gasoline it makes, collapsed. Teel wrote that the current slow job growth and “muted” activity is being caused by several factors, including automation in the oil patch that continues to reduce the need for workers.
Sean Clifton, a policy and program specialist at the Alaska Division of Oil and Gas, echoed those concerns.A ‘carbon bomb’ or much-needed energy? A village on Alaska’s North Slope holds key to Biden’s climate policy.“The likelihood of companies being willing to pull the trigger on projects goes up when the price of oil goes up,” he said. “But there are complications from the supply chain, and access to basic materials like steel.
Other factors include concerns about future climate change regulations that could impact the industry and increased production of renewable energy that could affect demand for oil and gas, he said.
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