40 Years at Prudhoe Bay: Alaskans remember Prudhoe Bay — Gov. Jay Hammond
Most Alaskans don’t remember what Alaska’s economy looked like before the discovery and development of Prudhoe Bay.
Only 14 percent of about 670,000 Alaskans today lived in the state in 1968, the year of the Prudhoe Bay discovery, according to Scott Goldsmith, economics professor at the University of Alaska Anchorage’s Institute of Social and Economic Research.
So nearly nine out of every 10 residents today know little about Alaska prior to major development on the North Slope, he said. Goldsmith compared 1968 and 2008 in a recent report called, “How North Slope oil has transformed Alaska’s economy.”
A few longtime Alaskans, participants and decision-makers during Alaska’s major economic changes, recently recalled events of the era.
Nearly all Alaskans receive the Permanent Fund dividend, an ongoing economic legacy from an investment fund created with oil revenue from the Prudhoe Bay oil field and other North Slope development.
Former governor Jay Hammond, who died in 2005, is considered author of the fund. The Alaska Permane....
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