Increased Alaska energy development would add billions in federal, state and local tax revenues.
The oil and natural gas industry is already helping Alaska's economy. It adds more than $19 billion to the gross state product, representing almost 35% percent of the state’s wealth. Alaska has rich stores of oil and natural gas.
Nationally, the industry supports $1.2 trillion in total value added to the economy, representing 7.1 percent of U.S. GDP.
The U.S. oil and natural gas industry also pays the federal government significant rents, royalties, and lease payments for production access. In fact, U.S. oil and natural gas companies pay on average more than $85 million every single day to the federal government in both income taxes and production fees, providing an important revenue stream to fund infrastructure, education and community projects across the country. Developing Alaska's OCS alone could produce and additional $193 billion in government revenue through the year 2057.
Revenue generated from oil and natural gas development would be a major benefit to Alaskans, in particular for schools, roads, environmental preservation efforts and other services for citizens.