FAIRBANKS, Alaska - The U.S. Secretary of the Interior announced Thursday that the Interior's 'Office of Natural Resources Revenue' disbursed $35.8 million in energy revenues to Alaska for the 2018 fiscal year. This is a $23 million increase from the previous year's total.
A press release states these revenues will help fund critical education and infrastructure improvements, as well as land and water conservation projects. The funds are coming from energy produced on federal and Indian lands, as well as U.S. offshore areas.
Energy disbursements for 2018 totaled $8.93 billion dollars, an increase of nearly $1.8 billion from the previous year.
According to the release, "The increase is primarily attributed to higher oil prices, increased oil production, expedited permitting, streamlined regulations, and increased demand during the year as the economy and exports have continued to expand."