| The battle to tap into Alaska's oil reserves has | | | | development previously seen has now gone and |
| taken a new turn with the announcement that | | | | that the project will move quickly to full |
| the state has given Exxon Mobil Corp. conditional | | | | production levels. |
| permission to begin drilling in a North Slope oil field | | | | Exxon see the development of on and off-shore |
| known as Point Thompson. The site is one of the | | | | oil drilling fields as potentially creating as many as |
| largest undeveloped fields in the US and has been | | | | 160,000 new oil jobs and oil careers over the |
| at the centre of a protracted battle between the | | | | next few years and generating around $1.7trillion |
| state and the company. Alaska's governor Sarah | | | | in federal, state and local government revenues. |
| Palin attempted to revoke Exxon's license to | | | | They are focusing their attention on the Alaskan |
| develop the site, accusing the company of | | | | oil fields and the Rockies as well as off-shore |
| 'dragging their feet'. However, Exxon has now | | | | facilities. Their argument is that well-paid oil jobs |
| stated that it is ready to move on the project | | | | will result from this expansion of operations as |
| and develop over 400 potential related oil rig jobs | | | | well as pumping funds back into the communities |
| as a result. | | | | and paying for schools, libraries and the police. The |
| During the current economic crisis, any offer of | | | | company maintains that the oil industry will |
| mass employment by a major company is of | | | | generate more jobs and in a shorter space of |
| interest to the government and Exxon have used | | | | time than other renewable energy businesses. |
| this particular argument to encourage the state to | | | | The company still has to show that its Point |
| grant them the licenses they need to begin | | | | Thompson field is a viable operation and has only |
| exploration. The company argues at a recent | | | | weeks to prove to the state that progress is |
| administrative hearing that it could begin drilling | | | | being made. They have to have drilling rig |
| before the end of the winter if the state gave it | | | | contracts signed and show authorization for |
| a license to build an ice road to move in a drilling | | | | expenditures for the project within a matter of |
| platform to the site. In January the state | | | | days if they are to hold on to the two licenses |
| complied, allowing Exxon to try and keep its | | | | granted and push for the other 29 that they |
| promise of generating jobs, investment and | | | | have applied for. Point Thompson is estimated to |
| ultimately revenue from the site. | | | | hold trillions of cubic feet of natural gas and |
| The company has spent over $120million to | | | | hundreds of millions of barrels of oil. If the |
| prepare for drilling to begin and have had a policy | | | | company is granted full exploration rights the site |
| of spending the money with Alaskan supply | | | | could maintain hundreds of oil drilling jobs, boosting |
| companies to keep the revenue within the state. | | | | the economy of the region and reducing the US |
| They aim to spend a further $200million a year | | | | reliance on non-domestic oil and gas supplies. In a |
| on the Point Thompson field, effectively creating | | | | time when jobs are becoming increasingly hard to |
| hundreds of drilling jobs, oil rig jobs and other | | | | find, the successful development of the Point |
| subsidiary occupations in a short period. Critics | | | | Thompson field could provide stable employment |
| claim that the jobs will take longer to materialize, | | | | for oil rig workers and drillers for years to come. |
| but the company maintains that the slow pace of | | | | |