NO240 Lecture 11: BIG BUSINESS AND BIG RISK IN THE FAR NORTH
6 Sep 2016
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Document Summary
Big business and big risk in the far north. Arctic resource development, environmental regulation, and national security. Resource development in the energy sector is of tremendous importance to the state of alaska. At that time, the energy sector employed roughly 4,500 people and indirectly supported over. 8,000 additional jobs and spent more than billion annually on supporting services in the state. (see ground truth trekking website) For example, the norman wells oil field in the northwest territories was first discovered in. 1920, but it was then considered too remote to be of interest to southern canada so significant exploration and development did not occur until the 1970s. Arctic oil and gas development have faced challenges since the decline in the price of crude oil in 2014/2015. Oil production in newfoundland also experienced an economic slump in 2015 complete with layoffs and deflated expectations. It is predicted that canada"s oil industry will recover in time.
