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Energy

Alaska has vast energy resources, although its oil reserves have been largely depleted. Major oil and gas reserves were found in the Alaska North Slope (ANS) and Cook Inlet basins, but according to the Energy Information Administration, by February 2014 Alaska had fallen to fourth place in the nation in crude oil production after Texas, North Dakota, and California. Prudhoe Bay on Alaska's North Slope is still the second highest-yielding oil field in the United States, typically producing about 400,000 barrels per day (64,000 m /d), although by early 2014 North Dakota's Bakken Formation was producing over 900,000 barrels per day (140,000 m /d). Prudhoe Bay was the largest conventional oil field ever discovered in North America, but was much smaller than Canada's enormous Athabasca oil sands field, which by 2014 was producing about 1,500,000 barrels per day (240,000 m /d) of unconventional oil, and had hundreds of years of producible reserves at that rate.

The Trans-Alaska Pipeline can transport and pump up to 2.1 million barrels (330,000 m) of crude oil per day, more than any other crude oil pipeline in the United States. Additionally, substantial coal deposits are found in Alaska's bituminous, sub-bituminous, and lignite coal basins. The United States Geological Survey estimates that there are 85.4 trillion cubic feet (2,420 km) of undiscovered, technically recoverable gas from natural gas hydrates on the Alaskan North Slope. Alaska also offers some of the highest hydroelectric power potential in the country from its numerous rivers. Large swaths of the Alaskan coastline offer wind and geothermal energy potential as well.

Alaska's economy depends heavily on increasingly expensive diesel fuel for heating, transportation, electric power and light. Although wind and hydroelectric power are abundant and underdeveloped, proposals for statewide energy systems were judged uneconomical (at the time of the report, 2001) due to low (less than 50¢/gal) fuel prices, long distances and low population. The cost of a gallon of gas in urban Alaska is usually thirty to sixty cents higher than the national average; prices in rural areas are generally significantly higher but vary widely depending on transportation costs, seasonal usage peaks, nearby petroleum development infrastructure and many other factors.