President Biden banned the importation of Russian crude. What does that mean for Alaska?

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President Biden banned the importation of Russian crude. What does that mean for Alaska?
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With a Russian crude import ban, elected officials and petroleum industry experts say Alaskans can expect higher gas and heating fuel prices, but it isn’t realistic to expect a surge in crude oil production from Alaska’s North Slope to compensate.

A segment of the trans-Alaska oil pipeline photographed along the Richardson Highway between Glennallen and Delta Junction on May 13, 2020. , elected officials and experts in the petroleum industry say Alaskans can anticipate higher gasoline and heating fuel prices, but it isn’t realistic to expectOil development in Alaska is expensive, and production can’t increase as quickly as it can in the Lower 48.

“Alaska can’t respond quite as quickly as other parts of the country, unfortunately, because of the way our industry is made up,” said Kara Moriarty, president and CEO of the Alaska Oil and Gas Association. “Those barrels will largely be made up from other sources, but it will take time to do that. Gasoline and diesel fuels will reflect that with price increases,” said Corri Feige, commissioner of the Alaska Department of Natural Resources.

Feige is attending a national energy conference in Houston this week and said Russia-related issues have “dominated” the conversation.

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