Department of Revenue: Alaska Oil Production Down

The Alaska Department of Revenue says oil production is dropping along with the number of exploration wells.

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By KTVA CBS 11
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Story Created: Mar 13, 2011 at 6:18 PM AKDT

Story Updated: Mar 13, 2011 at 6:18 PM AKDT

As lawmakers in Juneau debate on possible changes to the state's oil tax structure, the Alaska Department of Revenue says oil production continues to ebb in Alaska.

The amount of crude pulled from the ground here has dropped since 1988 when it peaked at about 2 million barrels per day, and the decline has been a steady 5 percent a year since. The state says this year only 620,000 barrels will be produced in Alaska.

The number of exploration wells is also dropping; Department of Revenue officials say only three exploratory wells were drilled in 2010, and only one is expected this year.

 

 

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