Our legacy will be empty wells, holes in the ground and debt

To the editor:

Drill baby drill, dig baby dig, consume baby consume, spend baby spend. This has been Alaska’s economic and fiscal policy and mentality since the completion of the oil pipeline. When Alaska’s oil economy doesn’t produce enough revenues, what’s our answer? Drill faster, dig deeper.

Currently, there’s a worldwide oil and gas glut that’s likely to last at least the next decade or two. With the implementation of the new oil and gas tax structure in Senate Bill 21 (from the 28th Legislature), we’re basically paying to give our oil away. Had we built the gas line to the Lower 48, we would be paying massive bucks to give our gas away also. Building a large gas line to export gas, at this time, would be economically extremely risky.

We need to try to reduce consumption and add value to our limited, nonrenewable resources. Building a petrochemical industry to make high-value products and building the Susitna hydroelectric dam to provide power could achieve that and start a much more diversified and sustainable economy.

A petrochemical industry could:

• Add value to our oil and gas by making products for use, sale and export;

• Slow the consumption of our oil and gas by getting more value out of it and not exporting so much;

• Provide many more jobs for possibly generations longer than building a pipeline and drilling to pump oil faster.

Building the Susitna hydroelectric dam could:

• Provide jobs during the construction of the dam;

• Start mining for gypsum and lime to make cement for the dam construction, in-state construction and export instead of paying to import cement;

• Start recycling our used cars and metals for rebar for use in the dam, in-state use, construction and export rather than paying to ship the cars and metals out of state;

• Provide electricity to power industry, businesses and homes;

• Provide a steady revenue from the sale of the electricity to pay off construction costs, which could be used for alternative energies in rural areas;

• Provide flood and drought control;

• Add a fish hatchery to enhance the fishing industry;

• Provide a water reservoir for use by population and industry, if needed;

• Provide recreational opportunities.

If we continue on the current path of extract and spend, we’ll be leaving the next generations with little but empty wells, holes in the ground and debt.

Phillip Furbush

Wasilla