Oil is No. 1 in Alaska, but Alaska’s not No. 1 in oil anymore.
“Proven reserves in the U.S. have dramatically increased, but not in Alaska,” Scott Stern, MIT professor of management, told attendees at Juneau Economic Development Council’s Innovation Summit on Wednesday.
Another challenge Alaska faces by relying on oil for the majority of its revenue is that Alaska can’t control prices, so at times of low oil prices worldwide, the state suffers.