What would Alaska be without the Mining and oil industries. Pretty much nothing, just a big chunk of beautiful land. The Mining and oil Industries in Alaska have been getting a lot of speculation due to people being worked up about the damage it causes to the environment, or the land we would be taking up with these projects. But really that is the least of anyone's issues. The oil and mining industries are very important to Alaska and they need to grow. The impact it has on everyone's lives is great, most Alaskans have jobs in these industries that pay well to make up for the fact that cost of living is so expensive in the state. So why is The Mining and Oil Industry so important for Alaska?
First off, The Mining and oil industries in Alaska employ around 45% of the population. The oil industries have supported 47,300 total jobs ( 10.3 percent of Alaska Population). The mining industry has employed 39% of Alaskan residents. That is a high employment rate for Alaska, Both industries pay their employees well and Many Alaskans depend on these jobs. Employment is
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“The state is expecting the industry to generate total Unrestricted General Fund revenue of $1.6 billion in FY 2020 and $17.2 billion for FY 20221, and $53 per barrel in FY 2029”. In 2019, the annual average wage earnings for the industry were more than 2.5 times higher than the statewide average. The oil industry accounts for one-quarter of Alaska jobs and about one-half of the overall economy when the spending of state revenues from oil production is considered, and is one of the largest untapped oil and gas basins in the world. An estimated 54,700 new jobs would be created and sustained through the year 2057, with 68,600 during production and 91,500 at peak