The glow of the AK LNG brass ring, tantalizingly close, inspires optimism in Dan Stickel, chief economist at Alaska Department of Revenue. “The oil and gas industry is generally an area of strength right now,” says Stickel. “Prices are not great, but they are sufficient to allow quality projects to proceed.”
Alaska’s Economic Forecast for 2026
Terri Marshall, Alaska Business, January 5, 2026
Challenges and opportunities influenced by dynamic global markets, shifting energy trends, and ongoing fiscal constraints confront Alaska’s economy heading into 2026. Although oil and gas continue to be the primary sources of state revenue, fluctuating market prices and consistently ho-hum production levels raise concerns regarding long-term budget sustainability. On the bright side, sectors such as tourism, transportation, mining, and renewable energy are demonstrating steady growth, presenting prospects for economic diversification.
“Based on updated metal prices and documented resources, the Pebble deposit contains roughly $591 billion of four critical minerals – copper, molybdenum, silver, and rhenium.
Pebble metals align with US critical needs
A.J. Roan, North of 60 Mining News, January 2, 2026
USGS list expansion highlights nearly $1 trillion of metals locked in Alaska deposit.
As the U.S. Geological Survey expands its critical minerals list to reflect rising supply risk and strategic demand, the Pebble deposit in Southwest Alaska stands out for the breadth of metals it contains that now fall within that category. Viewed through the lens of this updated list, the combination of gold and a suite of critical minerals quantifies the scale of what remains locked in a single undeveloped domestic resource – and what the U.S. stands to gain by bringing it into production.
First identified in 1987, the Pebble deposit has been drilled, tested, and evaluated for nearly four decades, producing a detailed technical record that includes multiple economic assessments examining different mine configurations and operating timelines.
Those studies have documented one of the largest concentrations of copper, gold, and associated metals in North America, with measured and indicated resources totaling 52.99 billion pounds of copper, 53.82 million ounces of gold, 2.78 billion lb molybdenum, 249.3 million oz silver, and 4.08 million lb rhenium; plus an inferred resource with an additional 22.66 billion lb copper, 28.11 million oz gold, 1.81 billion lb molybdenum, 121.7 million oz silver, and 2.26 million lb rhenium.
The move in oil markets reflected expectations among energy traders that significant obstacles remain before Venezuelan oil can flow more freely into global markets.
Why Oil Prices Are Barely Moving After the Venezuelan Incursion
David Blackmon, 5 Big Energy Stories, January 5, 2026 (subscription required)
A bit of chest thumping is in order here: On Saturday, I posted a piece here warning everyone not to expect any bump in oil prices due to the US incursion into Venezuela amid a cacophony of other “experts” who were screaming that prices would go crazy. I’m sure they all got more clicks on their pieces than I got on mine, but I don’t really care. I’d rather be right about the facts than a spreader of fantasy and fear.
Key Excerpt: Oil futures barely budged early Monday to start the first trading session since the U.S. ousted Venezuelan strongman Nicolás Maduro and President Trump pledged to dispatch American drillers to revive the country’s crude output.
U.S. futures for delivery later this month shed 0.15%, trading at about $57 a barrel in New York. Brent crude futures were down a similar amount, trading around $60.60.
Financial markets were generally muted to start the week. U.S. stock futures edged up slightly—contracts tied to the S&P 500 gained 0.25%. Gold futures rose about 2.5%, and silver futures continued their rapid ascendance, climbing more than 6%.
The move in oil markets reflected expectations among energy traders that significant obstacles remain before Venezuelan oil can flow more freely into global markets.
Sanctions applied to pressure Maduro’s regime have been a pillar of support for oil prices that have been depressed by a growing glut.
Benchmark U.S. prices fell 20% last year and are around their lowest levels in nearly five years, threatening the profitability of the U.S. oil industry. American frackers have nonetheless continued to pump record volumes of oil. Meanwhile, the Organization of the Petroleum Exporting Countries and its market allies have been rolling back output cuts.
There is unlikely to be a significant increase in Venezuelan oil exports until sanctions are eased.
U.S. Refiners Could Be Big Winners in a Venezuelan Oil Boom
Ryan Dezember, The Wall Street Journal, January 3, 2026
American oil refiners stand to be big beneficiaries if Venezuela’s vast crude reserves eventually flow more freely into the world market.
Refineries along the Gulf and West coasts were generally designed before the U.S. shale-drilling boom to turn heavy, sour grades of crude imported from Venezuela and Mexico into gasoline, diesel, jet fuel and other products. These facilities aren’t equipped to process light, sweet crude with which U.S. frackers have swamped the market.
That is a big reason that many U.S. refiners have struggled despite the drilling boom that has pushed domestic oil output to records and depressed benchmark crude prices.
It also explains why the U.S. imports about 6 million barrels a day as it simultaneously exports more than 4 million barrels a day of crude. U.S. oil futures ended Friday at $57.32 a barrel. Prices dropped 20% in 2025 to around five-year lows thanks to swelling supplies.
“Soaring U.S. crude production is great, but due to its light quality, U.S. crude has never been able to be fully leveraged by its domestic refinery system,” said Jaime Brito, executive director of refining and oil products at OPIS, which like The Wall Street Journal, is a Dow Jones company.
“Being able to access the reserves—the largest in the world, by the way—of the most important heavy crude producer will be a game changer for U.S. Gulf Coast and West Coast refiners in terms of profitability,” Brito said.
Venezuela’s viscous, high-sulfur oil is also important to refineries in India and China, he said.