A massive oil discovery has been made in Alaska this last week which is considered to be the largest onshore find in 30 years according to CNN Money.
CNN Money reported: “The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.
The new discovery was made in just the past few days in Alaska’s North Slope, which was previously viewed as an aging oil basin.
Spanish oil giant Repsol and its privately-held U.S. partner Armstrong Energy announced the find on Thursday, predicting production could begin as soon as 2021 and lead to as much as 120,000 barrels of output per day…
…All of this is a big win for Alaska, which last year had to freeze hiring and limit state employee travel due to trouble in the oil industry. Alaska, which relies on oil and gas taxes for the vast majority of its state revenue, has been hit by the one-two punch of shrinking production from its mature fields and the fact that oil prices have been cut in half in recent years.”
U.S. dependence on foreign oil is already at a 30-year low according to Forbes. A discovery of this magnitude will certainly reduce U.S. dependence on foreign oil even further.