"Alaska Gasline Inducement Act"

The Alaska Senate voted 19-3 on Tuesday to buy out TransCanada and take a larger stake in the Alaska LNG gas pipeline.

The proposed natural gas project is seen as a lifeline for the state, as North Slope oil production declines and state revenue dwindles.

Governor Sean Parnell announced Friday the state is taking a new approach to a large-scale natural gas line in Alaska.

Outside forces – like the European debt crisis and turmoil in the Middle East – present both challenges and potential for Alaska’s economy, the governor says.