From Elizabeth Bluemink –
A Shell-commissioned study published Thursday said that developing new oil and gas fields in the Beaufort and Chukchi seas could generate nearly 10 billion barrels of oil and 15 trillion cubic feet of natural gas over the next 50 years, generating $193 billion in federal, state and local government revenue.
The study estimated that Arctic offshore oil could reduce foreign oil exports by about 9 percent for 30 years.
The bulk of the revenue would go to the federal government, which owns the federal waters where Shell and other oil companies hope to drill in the future.
Here’s the breakdown:
• $167 billion for the federal government
• $15 billion for Alaska
• $4 billion for local government
• $7 billion in other government income
The revenue estimates are based on oil prices remaining at $65 per barrel and natural gas at $6.40 for the next 20 years.
The study was published by Northern Economics, an Anchorage consulting firm, and the University of Alaska Anchorage’s Institute of Social and Economic Research.