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ALASKA CASE STUDY

Potential Economic Effects - Oil

Each day Alaska produces 1.8 million barrels of oil and 95% of the daily production is exported to the rest of the Unites States. On an annual basis, the oil produced in Alaska contributes 25% to the total consumption of the continental United States. It is also noteworthy that the entire daily production of oil is exported from Alaska via the port of Valdez where it is loaded on to tankers from the terminus of the Trans Alaskan Pipeline. If the 27 March 1964 tsunami were to occur today, the potential effects might include the following (the description given assumes the worst case scenario):

  • All tankers docked at the head of the Trans Alaskan Pipeline and loading oil are sunk in the harbour;
  • All tankers moored in the Valdez Straight and in the Prince William Sound approach to the oil terminus are sunk;
  • The Valdez dock is totally destroyed;
  • The head of the Trans Alaskan Pipeline is ruptured and destroyed;
  • All oil storage tanks, holding facilities and piping distribution units are destroyed and;
  • Oil is pouring from the head of the ruptured oil pipeline in to the sea at Valdez.

The consequences of the above would be of two types: those of a general economic nature and those that relate to the insurance industry. In general terms, total loss of the oil storage and distribution point would have a number of effects. (It is assumed here that repair, reconnection and then re-commencement of supply would take a whole year).


 

© 2000 Natural Environment Research Council, Coventry University and University College London