Morning Headlamp — BlueCrest opens Cook Inlet facility

BlueCrest Energy unveiled its new Cook Inlet energy project at Anchor Point. On Saturday, investors and Alaska leaders came to cut the ribbon for the Hansen Production Facility, an operation that hopes to tap a reservoir that could hold between 70 and 200 million barrels of oil. Sen. Lisa Murkowski did the honors of cutting the ribbon. Sen. Bill Wielechowski, an Anchorage lawmaker who fought to reduce oil tax credits, said the BlueCrest Energy project might be a win-win for the state. Headlamp applauds BlueCrest for continuing to invest despite anti-industry legislation.

Arctic Energy Center spokesperson Aileen Yeung penned a commentary in The Hill discussing the National Security importance of Arctic development. According to Yeung, “It may be easy to dismiss the importance of Arctic drilling today, given the abundant oil and natural gas production currently happening in the Lower 48. But geopolitics and national security are a much longer game, played out across decades. Countries that think long-term, plan ahead and leave themselves plenty of options, win. Nations that don’t, lose.”

“We need to cut, cut, cut, cut.” According to the Mat-Su Valley Frontiersman, Valley lawmakers are not optimistic about the upcoming legislative special session. “I think it’s not ready for what I would consider prime time,” Rep. Lynn Gattis said. “I think folks in the Mat-Su, who I represent, do not think we have made enough cuts in government so that they can donate to the largesse of the government.” “We’ve got about $14 billion,” Rep. Mark Neuman said. “After we pull out the draw for this year’s budget, we’ll have over $10 billion in reserves.”  He also said recent moves by rating agencies to downgrade the state’s credit rating likely would not have a significant impact on the budget going forward. Headlamp expresses concern that the administration and some legislators are focused on “fixing” the budget gap with taxes instead of reducing the size of the gap with responsible reductions to state government. 

 

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First Reads

BlueCrest Energy launches ‘Cosmopolitan’ project at Anchor Point
KTVA, Rhonda McBride, June 27, 2016

Arctic exploration: securing a winning hand for America’s energy future
The Hill, Aileen Yeung, June 27, 2016

Valley legislators downplay expectations for second special session
Mat-Su Frontiersman, Brian O’Connor, June 27, 2016