August 2024 Alaska’s Economy
Declining natural gas production in Cook Inlet has created an urgent need for Alaska’s energy supply. Cook Inlet’s natural gas is used to heat three out of every four homes in Southcentral Alaska and contributes to about three-quarters of the region’s electricity generation. Declining resources may require the import of natural gas by 2027…
July 2024 Alaska’s Economy
In April, Alaska saw a slight decrease in the percentage of electricity generated from natural gas. This change was due to a decline in gas resources and a deliberate decision by state lawmakers to take advantage of federal incentives for clean energy. As a result, there has been an increased use of renewable energy sources, particularly hydroelectric power, which accounts for 25% of the state’s electricity generation…
June 2024 Alaska’s Economy
The Organization of the Petroleum Exporting Countries (OPEC) announced an extension of its deep oil output cuts well into 2025. Despite the cuts, oil prices have trended downward in recent months but are still high enough to justify new drilling investments in Alaska and other states…
May 2024 Alaska’s Economy
Alaska’s economy has shown resilience despite fluctuating oil prices and lower-than-expected production. The Alaska State Senate recently passed an operating budget balanced at $78 per barrel and would run a surplus if current oil prices remain in the mid $80s…
April 2024 Alaska’s Economy
The employment statistics for December 2023 and January and February 2024 have exceeded those
of the corresponding months before the pandemic, marking a significant milestone in Alaska’s economic
recovery. The industries spearheading this recovery include healthcare, construction, and logistics…
February 2024 Alaska’s Economy
Alaska saw an average oil price of $80 per barrel in January and continued to see lower-than expected
oil production. For the last eight years, the healthcare industry has driven employment growth in Alaska.
The state’s expanded Medicaid program accelerated the industry’s efforts to provide more healthcare
facilities and services, causing an upsurge in aggregated healthcare expenditures…
January 2024 Alaska’s Economy
Alaska saw an average oil price of $78 per barrel in December and continued lower-than-expected
oil production. Governor Dunleavy’s Fiscal Year (FY) 2025 budget proposal shifted some funding between agencies but does not represent a major departure from recent policy. However, inflation has eroded some of the state’s purchasing power…
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