Alaska's economy has many different staples. These include oil, fishing, and tourism; if one of these industries is weak the whole economic picture of the state changes. Ones success affects the others.
Alaska's biggest economic staple is oil. Prudo Bay on Alaska's far north slope is the largest oil field discovered in North America. To transport the oil found there the state began construction of the Trans Alaska Pipeline in 1974. The project was completed in 1977 and in its first decade the pipeline carried over 3 million barrels of crude 800 miles from Prudo to Valdez in Alaska's southeast region. When the oil reached Valdez it was loaded into ships and taken to refineries in the "lower 48" then it was shipped all around the country. The most famous of these ships was called the "Exon Valdez". In 1989 this tanker spilled 1 million gallons of crude into Prince William Sound causing massive damage to the marine life and ecosystem from which it is still recovering. Because of the success of the oil industry Alaska has surplus revenue, which is returned to the people of the state in the form of a "permanent fund dividend check". These checks can range from $750 to $1000 per person per household per year. In other words each person in a household receives the same amount of money regardless of age.
The second biggest industry is fishing. One days fishing can earn you an access of $10,000. The biggest fishing town in southeast Alaska is Ketchikan and they call it "The Fishing Capital of the World." Fishermen go after two main types of fish salmon, and halibut |
