Alaska Threatens to Yank N. Slope Leases

[Judi Lynn]

October 05, 2005 03:17 PM ET
Alaska Threatens to Yank N. Slope Leases


All Associated Press NewsJUNEAU, Alaska (AP) - Alaska's oil and gas chief is threatening to revoke leases held by Exxon Mobil Corp. and other producers for not drilling the rich fields near the Arctic National Wildlife Refuge.

Division of Oil and Gas director Mark Myers says Exxon Mobil, the operator and largest leaseholder of the 106,200-acre Point Thomson unit, which has sat undeveloped for nearly three decades, has made a "mockery" of their obligation to bring oil and gas from Point Thomson to market.
(snip/)

http://news.moneycentral.msn.com/provider/providerarticle.asp?Feed=AP&Date=20051005&ID=5169165

[LonelyLRLiberal]

1. Wonder how much he has contributed to Bush? n/t

[oneighty]

2. Alaska needs

new money in the Alaska Permanent Fund.

I do not blame them. Every state in the union should share in the profits of the harvest of THEIR minerals. Etc etc etc.

Yes it is socialism but if conservative Alaska can do it why not the rest of us?

A mystery.

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[Toots]

3. I think you may be correct

Though not necessarily for the Permanent Fund. The fund usually takes care of itself by investing in stocks, bonds, and foreign currencies, however the state gets most of it's revenues from oil leases and royalties. Alaska is a large state with huge maintenance costs and legislators always want more money to spend and being Republican controlled they refuse to even consider taxes so this is their sugar tit. Alaskans really want ANWR to be opened for drilling ASAP. I think a lot has to do with greed but what do I know? The largest industry dollar wise is now tourism and yet Republicans want to chop down the trees and polute the waters to destroy what the tourists come to see and do. Doesn't make much since but not much about being a Republican does to me. :shrug: You are 100% correct in that other states should look to Alaska for guidance on how best to invest in their resources for the betterment of their people. It isn't Rocket Science...State assets (minerals, water, etc.) belong to the people of that state and not the elected officials. All should benefit equally. It ain't socialism, it is pure capitalism. Invest with wealth and split up the returns on investment with shareholders. Alaska takes 25% of the returns on investment and pays dividends to it's shareholders with it. It takes 25% and gives to the state for government use and then puts the remaining 50% back into the fund to grow it. Pure capitalism and a delight to Alaskan citizens. The fund is now over thirty billion dollars and growing in leaps and bounds.

[oneighty]

5. In my area of NY State

we do not even own the earth beneath our property.

No mineral rights at all. It is refreshing to hear from an Alaskan re-the Permanent Fund.

(Robert Service) Alaska the two always go together in my mind.

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[worldgonekrazy]

9. I think you are being unfair to Alaskan residents

Most Alaskans do want ANWR open for drilling, but I don't think its fair to chalk it up to greed. The fact is that this state has no real industry other than oil. We don't manufacture anything here. As you mention, tourism is our only real industry outside of oil, but that only offers jobs during the summertime. That is hardly enough to sustain the population year round. So if Alaskans want to be able to make a decent living then they pretty much have to be in support of ANWR drilling, unless viable alternative industries can be developed.

[Toots]

11. So you are suggesting opening ANWR for the jobs it will create?

And not for the monies into government coffers as I was suggesting. Interesting... I think that as long as prices remain high on oil, Alaska has plenty of money to operate government with. In fact I believe they will have a surplus there this year. How many year round jobs do you see being created and how will that effect other parts of the state such as southeast? I would think Alaskans would be smart to sit on their oil until it reaches two hundred a barrel. It will do that you know....There are year round jobs in the tourism business also. Places have to be maintained even without foot traffic and new business are being created every year. Just my $.02 worth.. :-)

[Toots]

4. Dupe

[Whoa_Nelly]

6. Link to dupe? n/t

[AllegroRondo]

7. If Alaska has a permanent fund,

why do they need $250 million to build a bridge name after their Senator?

[oneighty]

8. I think you must ask Alaska native

Politicians of all states will access federal money any way they can get it. Party in power gets the most.

IMHO

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[loudsue]

10. This means that Exxon Mobil has RESERVES they aren't using...

and haven't used for nearly 3 decades. They own the leases, they know there is oil there. It's just so much easier to create an oil shortage so that they can raise prices, instead of adding oil to the supply.

Typical big oil shennanigans.