Help Alaska Grow
More Oil Means a Brighter Future
Today, Alaska’s oil and gas industry supports nearly than 70,000 jobs and paid more than $4.5 billion in taxes and royalties to the state and local governments, which was about half of the State of Alaska’s revenue in 2022.
~70,000 Jobs
$4.5 Billion
in State & Local Revenue
47% of Alaska’s State Revenue
In addition to these government payments, Alaska’s oil and gas companies spent nearly $4.6 billion in the private sector in Alaska in 2022.
This means oil and gas companies supported 1,000 local vendors and businesses by purchasing goods and services from Alaskan companies, large and small. When Alaska’s oil and gas sector spends money here, Alaska businesses and their employees benefit.
Hover or click on the pie chart to see spending with each vendor industry.
Source: “The Role of the Oil & Gas Industry in Alaska’s Economy”, November 2023, McKinley Research Group
Primary Company Alaska Vendor Spending by Industry, 2022
More Oil = More Jobs, More Revenue,
and a Bigger Permanent Fund
More oil and gas production, meaning more oil and gas flowing through the pipeline means more money circulating throughout Alaska’s economy. And, with the industry expected to spend over $14 billion on new oil and gas projects between now and 2028, Alaska is poised to grow. By 2032 oil production from projects currently being developed or analyzed is expected to make up half of all oil being produced in the state. These exciting new projects are also expected to create about 2,700 new jobs and $215 million in wages in the Alaska economy by 2028.
Twenty-five percent of royalty payments the industry makes to the state are immediately deposited into the Permanent Fund. The more oil Alaska produces, the more money flows into the Permanent Fund. Since 2022, over $1 billion in oil and gas royalty payments went into the Permanent Fund.
More than $1 Billion in the Permanent Fund Since 2022
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