USA HISTORY

Detailed explanation-1: -The oil and gas industry is the largest component of Alaska’s economy. Nearly 85 percent of the state budget is supplied by oil revenues. The fortunes of Alaska’s oil industry, and therefore many sectors of the economy, are dependent upon world oil prices.

Detailed explanation-2: -Gold was not the only valuable natural resource that encouraged migration to Alaska. Silver, copper, oil, coal, and other minerals were plentiful, and Alaska was rich in timber, fish and other marine and wildlife.

Detailed explanation-3: -Oil and Gas. Alaska still runs on oil. Alaska’s North Slope has responsibly produced more than 18 billion barrels of oil since the discovery of the Prudhoe Bay oil field. Oil production has been the engine of economic growth in Alaska.

Detailed explanation-4: -Gold, silver, copper, zinc, graphite, cobalt, lead, Rare Earth Elements, and other minerals are found in Alaska, many of which are actively mined. In fact, many of these minerals are critical components in renewable energy technology.