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2025-04-14 18:00:00| Fast Company

The second Trump administration has launched the next stage in the half-century-long battle between commerce and conservation over Alaskan oil and gas development. But its moves are delivering a mixed message to the petroleum industry. The administration has opened or reopened large swaths of government land in Alaska to oil and gas drilling, though only some of those opportunities have drawn much commercial interest in recent years. And an 800-mile pipeline across Alaska that the administration says it supports is not yet funded, and other administration policies risk turning off prospective partners. President Donald Trump says he wants to grow oil and gas production and advance the goal of what he calls U.S. energy dominance. The White House says that term means both reducing the amount of energy imported from other countries and increasing the amount of energy exported from the U.S., especially to allies. The U.S. is already the worlds largest producer and exporter of natural gas as well as the largest producer of crude oil. And the nations oil industry boomed under the Biden administration. However, the U.S. does import an average of over 6 million barrels per day of crude oil, most of it from Canada. Trumps efforts seek to boost U.S. production to still greater heights by expanding access to areas for drilling and building related infrastructure. But as a former petroleum geoscientist and industry observer, I would suggest his various actions, taken as a whole, may have more limited effects than he seems to hope. The Trans-Alaska Pipeline runs 800 miles from the North Slope to the port of Valdez, Alaska. [Photo: Mario Tama/Getty Images] Returned to leasing In one of his first executive orders after retaking office on Jan. 20, 2025, Trump declared that the U.S. would develop Alaskas petroleum resources to the fullest extent possible. The Biden administration had banned oil leasing in three areas of Alaska. One was all but 400,000 acres in the coastal plain portion of the Arctic National Wildlife Refuge. Another was a 13-million-acre swath of the National Petroleum Reserve-Alaska, a massive parcel of federal land west of the refuge. The third area was 44 million acres of the offshore coastal portion of the northern Bering Sea, based on concerns for tribal rights and the migration routes of marine mammals. Trump moved quickly to reverse all these bans, describing them as an assault on Alaskas sovereignty and its ability to responsibly develop (its) resources for the benefit of the Nation. And Trump went farther, expanding the available land by an additional 6 million acres in the petroleum reserve and another 1.1 million acres of the wildlife refuge. All those areas are home to many different types of wildlife, as well as Indigenous groups. The view of industry For the petroleum industry, I expect these actions are both welcome and irrelevant. Reopening the northeastern portion of the petroleum reserve creates a real opportunity: Exploration has found a significant amount of oil and gas in that area, and indications are that there may be more yet to discover. But prospects on the land in the wildlife refuge and the shallow waters of the Bering Sea are not likely of much interest to drilling companies unless oil prices rise significantly from their levels in early 2025. There is no established production in either area at present. And, though the refuge has oil and gas potential, there are no roads or pipelines, and Arctic drilling is especially expensive. In fact, the last two attempts by the government to lease oil development rights in the wildlife refuge drew very little interest. In 2020, the first Trump administration teamed with Republicans in Congress to overcome long-standing legal and political opposition to leasing in the refuge. But the 2021 lease sale was a bust, with none of the top oil producers in the state participating. A second round of bidding, in January 2025, received no interest at all from oil companies. Pipe dreams that could come true A strong gain for the petroleum industry would be a major new pipeline to carry natural gas morethan 800 miles south from the Prudhoe Bay area on the Arctic coast to a port near Anchorage on south-central Alaskas Cook Inlet. The idea has its own decades-long history, and has been both pushed forward and set back over the years by changing economics, government plans, and tribal interest and opposition. The main challenge is that there is no way to transport natural gas off the North Slope. Since drilling began in the late 1970s, some has been used locally for heating and running equipment, with the vast majority being reinjected into oil reservoir rock to help maintain oil production. Rising demand and elevated prices in Asia, however, suggest the project could be profitable, despite the current cost estimate of US$44 billion. Project plans indicate most of it would go to build a liquefied natural gas export terminal near Anchorage, with the rest spent to construct an 807-mile pipeline paralleling the existing Trans-Alaska Pipeline, and a plant at Prudhoe Bay that would capture carbon from the atmosphere, compress it and inject it into oil-producing reservoirs to boost production. The pipeline is designed to carry 3.3 billion cubic feet of natural gas each day, which would make it one of the largest pipelines in North America. The export terminal, to be built near the town of Nikiski on Cook Inlet, would have a capacity of roughly 1 trillion cubic feet per year, enough to heat about 15 million homes for a year. The pipeline could take as little as two to three years to build, but the terminal and carbon-capture plant would take longer five years or so. The exports from Alaska could go to other ports in the U.S., but they could also fetch higher prices in Japan, South Korea, Taiwan and possibly China. An artists rendering of what a natural gas export terminal would look like on Cook Inlet, near Nikiski, Alaska. [Image: Gasline Development Corporation] A wrench in the works Most of the permits needed for the pipeline-and-export-terminal project have been secured by the Alaska Gasline Development Corporation, a company created by the state of Alaska to build the project. However, no company or foreign government has yet agreed to foot the bill, and despite the support of the Trump White House, theres no indication the federal government will do so either. The Trump administration has also created a new barrier to the project. Its sweeping tariffs and the resulting trade war crashed prices in the global oil and gas market in early April 2025. In addition, uncertainty about the permanence of tariffs or other restrictions on international trade are now widespread and directly affect the oil industry. Lower gas and oil prices and less stability make any project less attractive. Its true that Trump exempted oil and gas from his most recent tariffs. But that matters less than the broader effect the trade war is already having, with analysts projecting it is driving the global economy toward recession. Less economic activity means less demand for oil and gas, and therefore less incentive for companies to drill new wells and build new pipelines. To top everything off, the White House slapped heavy tariffs on Japan, South Korea and Taiwan, the very countries that might be inclined to help fund the pipeline project. Even before the trade war, they were hesitant about supporting it. The potential suspension, or reinstatement, or adjustment of tariffs is not likely to help them view the situation as more stable. Those who favor oil and gas development in Alaska may be wondering whether the president is truly on their side. It remains to be seen whether their hopes might end up a casualty of White House economic policy. Scott L. Montgomery is a lecturer in international studies at the University of Washington. This article is republished from The Conversation under a Creative Commons license. Read the original article.


Category: E-Commerce

 

LATEST NEWS

2025-04-14 17:39:50| Fast Company

Daters: It might be time to spring clean your dating app profile. More than 50% of young Americans have gone on a date with someone who looked different from their profile photos, according to a new survey from dating app Hily. Thats led 54% of Gen Z and 62% of millennial daters to either end a date early or decline a second one, Hily found after surveying 3,700 dating app users earlier this month. “For a variety of reasons, quite a few people dont regularly update their profile pics, some not even when their looks change,” the company wrote in an accompanying blog post. “Women tend to be afraid of being judged for their appearance, while men feel like the content of their profile doesnt make a difference. A lot of women and men just dont know what to put in their profiles.” About 10% of daters admitted theyre “unlikely to change their profile pics, even if their appearance changes.” But thats a small share overall: Hily said 84% of women and 83% of men have updated their profiles within the past six months. Still, many young daters will say their pictures may not be 100% true to reality. The survey found that around 45% of Gen Z and 33% of millennials view their own profile pictures as close to their actual looks, but not quite there. This likely fits into the broader public sentiment of users being dismayed with dating apps. According to a 2023 Pew survey, online daters are relatively divided over whether their experiences on the apps have been either positive or negative. If you go on enough dates with people you weren’t expecting to go on dates with (a.k.a.: you were catfished), you’ll likely become a bit jaded with the experience. Take this as your sign to double-check your profileand maybe swap out a few photos while youre at it.


Category: E-Commerce

 

2025-04-14 17:00:00| Fast Company

Attention! There is now just one day left until the deadline for this year’s tax filing. And the Internal Revenue Service (IRS) has already reminded taxpayers to “act now” to pay whatever they owe on their 2024 taxes, or request an extension, before April 15. Fewer Americans have filed their federal taxes, and more have requested extensions, compared with the same period last year, according to CNN, which reviewed the IRS data. According to those numbers, as of March 21, the IRS had received nearly one million fewer tax returns, or 1.1% less, than it received in the same point in the filing cycle last year. While experts told CNN this was not a reason for concern, and that in fact, previous years also showed declines over the same period, there is a lot that’s different about this year’s tax season. It comes amid massive IRS staff cuts (with more likely on the way) due to interference from Elon Musks Department of Government Efficiency (DOGE); and internal conflicts inside the agency, underscored by the recent resignation of the acting IRS chair, stemming from DOGE’s attempts to access millions of taxpayers’ personal and financial data, including that of undocumented immigrants. Tax experts told Kiplinger they have noticed a host of problems this tax season, including delays, a lack of customer service, and audit errors. In addition, DOGE’s mandatory return-to-work policy appears to be wreaking havoc at the agency, resulting in staffers having to work out of cafeterias and conference rooms due to a lack of space, as they navigate hallways littered with boxes of paperwork, according to Business Insider, which spoke with eight IRS employees. IRS: ‘There is still time to file electronically” The agency said there is still time to file federal income tax returns electronically to receive a refund via direct deposit. Filing electronically is usually the fastest way to receive tax refunds. “Filing electronically reduces tax return errors as tax software does the calculations, flags common errors and prompts taxpayers for missing information,” the IRS said in a statement. “Most taxpayers qualify for electronic filing at no cost and, when they choose direct deposit, usually receive their refund within 21 days.” Free electronic tax filing options Taxpayers with an adjusted gross income of $84,000 or less in 2024 can use IRS Free File, the IRS’s own electronic filing software, from now until October 15. Meanwhile, the IRS’s Direct File is available to eligible taxpayers in 25 states to file their 2024 federal tax returns online directly with the IRS. Go to the Direct File website for more information about Direct File eligibility and the 25 participating states.


Category: E-Commerce

 

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