Economy of Alaska:

Alaska's economy is driven by the following industries: Oil, Tourism and Fishing.

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. Alaska mainly depends on oil & gas industry.

Oil was discovered in Prudhoe Bay, on the arctic coast, in 1968. Pipeline construction began in 1974 and was completed in 1977. The 800 mile pipeline is the largest privately financed construction project in history.

Tourism is another sector of Alaska's economy attracting over 1.1 million visitors annually. The tourism industry is Alaska's second largest primary employer.
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he rich fishing waters off Alaska's coast make it one of the world's finest sources for wild seafood. Each year nearly 6 billion pounds of seafood are harvested. Alaska is the number one producer of wild salmon in the world and has the only salmon industry certified as "sustainable" by the Marine Stewardship Council.

Alaska's economy has historically relied on resource development in the most recent decade's oil development and on federal spending for many purposes, including military activities, services for Alaska Natives, and protection of federal conservation lands. But the North Slope oil that transformed Alaska's economy is in decline, and the state faces the challenges of transitioning to a post-Prudhoe Bay economy.

The tourism, mining, and air cargo industries are growing, but the fishing and timber industries have seen problems brought on by changing world markets and other factors. To keep the Alaska economy healthy in the future, it's important for Alaskans to better understand the unique features of the state's resource-based economy.

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