The Last Alaskan Barrel: An Arctic Oil Bonanza that Never Was by John M. Miller enlightens the fifty-year investment life of Alaska North Slope oil, and what oil prices, development costs, government take, environmental regulations, and development risks did to the earnings. The book presents a groundbreaking case study, based on publicly available information, which analyzes the profitability of the North Slope, and how it was shared among the state of Alaska, the federal government, and oil companies. The book finds, contrary to popular belief, that if oil companies had been able to foresee the future accurately, they never would have developed the North Slope over the past fifty years. The book concludes with a glimpse of future oil and gas potential in Arctic Alaska.
The Last Alaskan Barrel begins with abridged histories of Alaska and the oil age leading to exploration of the Arctic. In 1969, a year after the dramatic discovery of large oil deposits near Prudhoe Bay, a White House Cabinet Task Force commissioned by President Richard Nixon claimed the nation was swimming in cheap Alaskan crude. An updated federal study just two months before the start of production in summer 1977 contradicted the earlier assessment. Over the succeeding decades, unexpected low oil prices, unforeseen high costs, and a variety of taxes shrank the size of the prize. The book concludes with a glimpse at future oil and natural gas potential in Arctic Alaska.
The Last Alaskan Barrel is written to be comfortably understood by the public, with technical jargon and economic calculations (included for those interested) kept to a minimum. Those entries can easily be skipped with no bearing on the story. All details have been completely documented by sources in the public domain. Intending the book to be read by all Alaskans and the public in general, the author revisits decades of news headlines and corrects commonly believed myths and misconceptions.
For more than a decade, John M. Miller managed megaprojects valued at billions of dollars for Alaska's North Slope. In the late 1990s, he chaired the Trans-Alaska Pipeline System (TAPS) Owners Committee. He started his research to answer his own questions. He hopes a well-informed public, especially those with children, will make the adjustments in attitudes and expectations to face the radical changes coming in Alaska's economic, not too distant, future.
Book reviews, biographical and contact information, a radio interview with Mike Porcaro, speaking engagements, and links to Amazon where the book is available can be found at http://www.thelastalaskanbarrel.com/.
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