McBride Energy, LLC

Alaska oil output plunged to 40-year low in 2020 Crude oil production in Alaska averaged 448,000 barrels per day (b/d) in 2020, the lowest level of production since 1976. Last year's production was over 75% less than the state’s peak production of more than 2 million b/d in 1988. Production declined in 28 of the 32 years since Alaska’s oil production peak as the state’s oil fields have matured. The 4% decrease in annual oil production in Alaska in 2020 was part of a larger d...ecline in U.S. oil production. The Trans-Alaska Pipeline System transports crude oil from the North Slope of Alaska to Valdez on Alaska’s southern coast. Pipeline deliveries have decreased because of less production. Many areas of the state have not been explored for oil, including the Arctic National Wildlife Refuge (ANWR). Located in the northeastern part of the state, the ANWR likely holds 10.4 billion barrels of crude oil, according to U.S. Geological Survey estimates. In January 2021, the Biden administration, in an executive order, imposed a temporary moratorium on federal oil and natural gas leasing in the ANWR. The oil industry is the largest contributor to Alaska’s economy despite the decline in production. Alaska has no state income or sales tax but relies instead on revenues from the oil and natural gas industry. Oil revenues supplied more than two-thirds of the state's budget in 2020. RE: Oklahoma Minerals.com

Our office will be closed Monday, on Memorial Day. For emergency attention, text our office or go to www.peakagencies.com. Have a great weekend!

Money managers have accelerated buying in the most important petroleum futures and options contracts, betting that oil prices will increase later this year as economies reopen and travel and fuel demand rise. https://oilprice.com//Hedge-Funds-Increase-Bullish-Bets-On