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WEDNESDAY, NOVEMBER 25, 2009
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Economy May Tank Palin's $30B Pipeline

Governor's much-touted initiative could be derailed as gas, oil prices fall

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(Newser) – A sour economy and tumbling oil prices might sink Sarah Palin’s oft-touted Alaskan natural-gas pipeline, the Wall Street Journal reports. Low prices and increased natural-gas production in the lower 48 are causing energy companies to reconsider the $30 billion project. Without the revenue-generating pipeline, Alaskans who depend on the state’s dividend checks might soon actually be paying taxes themselves.

The state-sponsored pipeline was to funnel gas from large energy concerns in the north of Alaska, but so far no one has signed on. The Canadian developer needs guarantees from customers before it starts construction, but a state senator was pessimistic about the chances: “It is going to be economics that drive this process and not how much we want it to happen.”

Alaska Gov. Sarah Palin announces the companies who applied to build the state's gas pipeline.
Alaska Gov. Sarah Palin announces the companies who applied to build the state's gas pipeline.   (AP Photo)
Palin and other Alaska officials answer question during a news conference in Anchorage, Alaska, after Palin began calling for applications to build a natural gas pipeline.
Palin and other Alaska officials answer question during a news conference in Anchorage, Alaska, after Palin began calling for applications to build a natural gas pipeline.   (AP Photo)
A map locates the proposed pipeline project that will run from Alaska to Alberta, Canada.
A map locates the proposed pipeline project that will run from Alaska to Alberta, Canada.   (AP Photo)
The Trans-Alaska pipeline snakes its way across the Alaska wilderness about 70 miles north of Fairbanks.
The Trans-Alaska pipeline snakes its way across the Alaska wilderness about 70 miles north of Fairbanks.   (AP Photo)
A new oil transit pipeline runs across the tundra to the Prudhoe Bay oil field on Alaska's North Slope.
A new oil transit pipeline runs across the tundra to the Prudhoe Bay oil field on Alaska's North Slope.   (AP Photo)
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4 comments
VIEWING:
 
inky
Nov 19, 08 5:26 PM CST
Oh, it's a PIPE-line! Sarah thought it was a new kind of pasta pronounced "pippy leenie." Nevermind, then. Reply
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carol
Nov 19, 08 6:28 PM CST
Oil prices will definitely go up. OPEC is already making noise about decreasing production. How are we going to become oil dependent if we don't increase our own resources? Reply
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Shannonals
Nov 20, 08 12:54 AM CST
And would paying taxes actually hurt Alaskans? Reply
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Shannonals
Jan 8, 09 10:34 PM CST
I'm amazed Corona_king hasn't made any comments on this article, seeing as how he idolizes her Reply
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