Fracking Comes to the Arctic in a New Alaska Oil Boom

Alaska’s North Slope region, including the National Petroleum Reserve (NPRA), Arctic National Wildlife Refuge (ANWR) and Trans-Alaska Pipeline (TAPS). US Geological Survey/Wikipedia

 

Arctic lands and waters hold irresistible allure for global oil companies. Despite opposition from environmental groups and President Obama’s 2016 ban on drilling in federal Arctic waters, exploration in Alaska has revealed massive new volumes of oil.

This comes at a time of low oil prices, when many observers felt the Arctic would remain off limits. Alaska has proved precisely the opposite. Although it has gone largely unnoticed outside the industry, foreign firms are partnering with American companies to pursue these new possibilities. I expect this new wave of Arctic development will help increase US oil production and influence in world oil markets for at least the next several decades.

Trade Deficit in U.S. Widens to Largest in Almost Five Years

 

• Imports rise by most since 2015, outpacing export gains
• Trump administration says data show ‘much work to be done’

The U.S. chalked up its largest trade deficit since March 2012 as a jump in merchandise imports in January exceeded a smaller gain in shipments overseas.

The gap in goods and services trade increased by 9.6 percent to $48.5 billion, matching the median forecast in a Bloomberg survey, Commerce Department figures showed Tuesday. The deterioration in January from the previous month reflected a 2.3 percent gain in imports, the most since March 2015, and a 0.6 percent pickup in exports.