Alaska’s largest rural air carrier, RavnAir Group, says it’s cutting its service by 90% amid a coronavirus-driven crash in revenue — a move that could leave dozens of rural villages with deeply diminished air service.
Oil and gas company BP confirmed Tuesday that a worker at Prudhoe Bay has tested positive for COVID-19.
The price of U.S. and global benchmarks are both below $40 per barrel. The COVID-19 pandemic is driving some of the recent decline, but prices were low even before the outbreak.
The companies met last week and agreed to start screening all of their workers when they check in in Anchorage.
While many North Slope fields are on the decline, production at Hilcorp’s Milne Point has actually increased by huge amounts. Now the company is acquiring the massive Prudhoe Bay field, raising hopes of a similar revival there.
The case shows how it’s become common for polar bears to disrupt village life in Kaktovik, which sits on an island at the edge of the Beaufort Sea. As climate change melts sea ice and drives the bears ashore, residents say they’ve been under increasing stress.
When the oil tax initiative would appear on a ballot depends on when the Alaska Legislature wraps up its work.
Wells Fargo’s announcement follows similar policies against Arctic drilling adopted by Goldman Sachs and JPMorgan Chase, as well as a string of European banks.
One researcher says now is a key time for studies on Arctic Ocean conditions, before hotter temperatures from climate change become the new normal.
Development in the Arctic is booming as the global climate warms and ice melts. But environmental opposition has come along with it, making some big banks like Goldman Sachs and JPMorgan Chase more reticent about investing.