Economy facts

    By far, Alaska's most important revenue source is the oil and natural gas industry, about 90% of the state's revenues.
    Alaska accounts for 25% of the oil produced in the United States.
    Located near Prudhoe Bay, on the northern Alaskan coast, is North America's largest oil field. Every day, millions of gallons of oil are removed from Prudhoe Bay and pumped through the Trans-Alaska Pipeline. The pipeline, maintained by Alyeska Pipeline Service Company, snakes its way from Prudhoe Bay on Alaska's northern coast to the southcentral port of Valdez where the oil is pumped into tankers. One of the largest pipeline systems in the world, the Trans-Alaska Pipeline moves up to 88,000 barrels of oil per hour on its 800 mile journey to Valdez.
    The state's vast amount of oil revenues are invested in the Alaska Permanent Fund, an inviolate trust belonging to the people of Alaska. The fund, managed by the Permanent Fund Corporation, was established in 1976 to generate perpetual revenues from non-renewable sources for present and future generations of Alaskans.
    The seafood processing and fishing industries are also important to Alaska. The fishing and seafood industry is the state's largest private industry employer. Alaska's waters are rich in seafood. Most of America's salmon, crab, halibut, and herring come from Alaska.
    Forestry is important to Alaska's economy, especially that of the southeastern region. The timber industry, though currently undergoing much reform, provides thousands of jobs and hundreds of millions of dollars in revenue to Southeast Alaska. The Tongass National Forest in Southeast Alaska contains nearly seventeen million acres and is the largest national forest in the United States.
    Although it might seem unlikely, productive farms operate in Alaska. The fertile Matanuska and Tanana valleys near Anchorage and Fairbanks produce many crops, including grains and vegetables. Because of the long summer days, some vegetables grow to astonishing sizes. Eighty-pound cabbages and 30-pound turnips have been harvested in the Matanuska Valley.
    Hard rock minerals are one of Alaska's most important undeveloped natural resources, including coal, gold, silver, copper, and many others. Some geologists believe Alaska contains as much coal as the rest of the United States combined. According to the Alaska Miners Association, "Alaska now provides the greatest opportunity for minerals exploration and development in all of North America."
    World's largest producer of zinc: Red Dog Mine
    Tourism is also one of the state's most important industries. Every year millions of people visit the state of Alaska.
    Average household income: $60,853, fifth highest in the nation


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