Kara Moriarty’s Sept. 25 commentary assuring us that Alaska’s oil fields will remain productive and profitable for many, many years to come sounds to me like someone putting their fingers in their ears and saying “La-la-la-la-la, I can’t hear you!” Anyone who thinks we can place all of Alaska’s economic eggs in the oil industry’s basket needs to look around at what’s happening in the rest of the world.
Remember that we sell Alaska’s oil at a price that’s set by world markets. No matter how firmly we might wish to believe that global warming is a hoax and we can continue to pump and burn oil until it’s all gone, the rest of the world doesn’t think so. International automakers are investing heavily in electric vehicles, and they expect those investments to pay off. In its Electric Vehicle Outlook 2019, Bloomberg says “By 2040, we expect 57% of all passenger vehicle sales, and over 30% of the global passenger vehicle fleet, will be electric.” As market demand for EVs accelerates, the point will soon come where oil demand declines and, with it, oil prices. It’s not a question of if, only when. 2025? 2030? 2040? We don’t know, but it will happen.
Even setting aside the fact that, as a moral issue, in order to avoid the worst effects of climate change we must end fossil fuel use as soon as possible, it’s fiscally foolish to continue investing in petroleum infrastructure in this state. To claim as Ms. Moriarty does that “It’s an exciting time as we look to Alaska’s future, with the promise of expansion and growth in our oil and gas economy,” is simply whistling past the graveyard. That graveyard is Alaska’s and the world’s.
— Tim Hinterberger
Anchorage
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