Alaska oil production rises for first time in 14 years

ANCHORAGE — On Thursday, Sen. Cathy Giessel (R-East Anchorage and Anchorage Hillside), Chair of the Senate Resources Committee, responded to news that Alaska’s North Slope oil production has gained ground for the first time since 2002.

“Increasing production after 14 straight declining years is the best news we have heard in a long time.” said Senator Giessel.

Data compiled by the Division of Oil and Gas pegs fiscal year 2016 production growth at 3.22 percent, the first increase in production in 14 years. This is only the second year in over 25 years that the decline of oil production on the North Slope has been offset by new oil.

“This shows the wisdom of Alaskan voters who agreed to uphold the oil tax reform that lawmakers worked so hard to craft,” Senator Giessel said. “Alaska has no control on the world price of oil. The one tool we have in our kit is to encourage investment and get more barrels out of the ground. In spite of hostile market conditions, new investments are being made in Alaska and now we have more oil coming down the Trans Alaska Pipeline. This year’s growth and recent new discovery announcements give me real hope for the future of the state’s breadbasket.”