Part Two of Four

There’s a good chance your job depends on petroleum

It’s more important than you think.

Petroleum has generated most of the economic growth in Alaska since statehood. But it’s easy to underestimate just how important petroleum is, because its economic contributions are not all obvious.

We can trace a third of all Alaska jobs directly to petroleum

The petroleum sector itself spends money in Alaska, and the state government spends its petroleum revenues. Those two kinds of spending create jobs in every corner of Alaska. One of them may be yours.

Petroleum has also put the whole economy on firmer ground

Petroleum has transformed the economy, making it not only bigger, but stronger and less seasonal. Because of petroleum, money coming into Alaska now stays here longer, supporting many more jobs and a wider variety of local businesses.

It also helps other resource industries

State taxes on many other industries are lower than they would otherwise be, because petroleum generates such big revenues. So costs for other industries are lower—which can help them compete better and expand their operations.

And there’s a future benefit

When the state invests petroleum revenues in roads, schools, job training, and more, it not only helps the economy today. It’s also a legacy for Alaska’s future.