Alaska's King

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Saturday, June 04, 2005

Duh: "Oil companies make money in Alaska"

An Alaskan watchdog group says energy company profits from North Slope crude oil production hit $5.5 billion last year, and there's more where that came from.

The Prince William Sound Regional Citizens' Advisory Council said total industry profit was just slightly less than $5.5 billion in 2004, the Anchorage (Alaska) Daily News reported Friday.

The council also found Alaska made $2.8 billion and the federal government about $1.9 billion from crude oil production. Prices for North Slope oil delivered to West Coast refineries averaged $38.84 per barrel, it said.

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