Arctic Refuge Just the Start as Trump Moves to Unlock Alaska Oil

Drilling for crude in the Arctic National Wildlife Refuge may be just the start as President Donald Trump seeks to revive Alaska’s beleaguered oil industry. Republicans in Congress handed the industry a long-sought victory on Tuesday, approving exploration in the vast Arctic preserve as part of their tax overhaul. The legislation, which Trump is expected to sign into law, would lift an almost 40-year old ban on prospecting for oil and natural gas in the refuge’s coastal plain, where endangered polar bears, caribou and other species roam. It’s the capstone of a year in which legislators and the Trump administration pushed on multiple fronts to unwind regulatory restrictions in what was once America’s busiest oilfield. That won’t solve the challenge of declining wells, or global crude prices too low to support many Alaskan projects. But it’s a long way from a year ago, when then-President Barack Obama put millions of acres off-limits, citing the risks of oil spills and concerns about climate change. “It’s a recognition that the era of oil is not over in Alaska,” said Kara Moriarty, president of the Alaska Oil and Gas Association, a trade group. “Clearly we have an administration that believes that America can be energy dominant, and that is a complete 180-degree shift from the previous administration.” Republicans included the refuge in their bill as a revenue source, saying the drilling will generate $1 billion to offset tax cuts over the next decade. Trump’s expected to sign the legislation as soon as Wednesday. The administration has promised to fast-track lease offerings in the area, which could draw interest from operators including Exxon Mobil Corp. and ConocoPhillips...more