New Assessment of Oil in Alaska

Just a few days ago the USGS released a new assessment regarding the oil reserves in Alaska. In 2002, USGS researches had released a statement saying that there was a certain amount of oil in Alaska’s oil reserves. But on the 26th of this month, they released new findings stating that there is almost 90% less oil in the reserves than there was originally believed to be. Alaska’s Oil and Gas Director, Kevin Banks, claims that this dramatic shift means that the findings must not be accurate. But the USGS researches countered by saying that process through which oil was originally though to have been deposited was wrong. Now they believe that uplift, dated about 60 million years ago, was responsible for squeezing all the oil out of the rocks, leaving gas in its place.

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