Slashdot: Grist
•80% Informative
The Biden administration approved the Willow oil project earlier this week.
It's not clear how much the project would help replace Russian oil supplies.
The project will not deliver its first barrels until 2028 or 2029, and it will take even longer for all three well pads to start producing at full capacity.
Alaskan oil production hit a 40-year low in 2020; depleted reserves within Alaska and fracking boom in the Permian Basin have made the state’s oil less relevant.
Some estimates say Alaska could see $6 billion in revenue from the Willow project, but that payout is years away.
The state may actually see a decrease in revenue in the short term.
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