Alaska's Parnell pushes energy agenda

JUNEAU, Alaska, Oct. 27 (UPI) -- Alaskan leaders say expanding the state oil and gas sector will bring recovery to a market hurt by falling energy prices amid a global economic recession.

Alaska Gov. Sean Parnell aims to breathe new life into his state's economy with oil exploration and a proposed natural gas pipeline, The Wall Street Journal reports.

Alaska was hit hard by recession when oil prices collapsed last year from more than $140 to around $78 per barrel in recent trading. Meanwhile, unemployment continues to soar, climbing to 8.4 percent in September from 6.7 percent a year ago.

Parnell has pushed for development on a proposed natural gas pipeline licensed to TransCanada Corp. to bring gas from the resource-rich North Slope to customers in the Lower 48. That project, the Journal notes, would bring jobs to Alaska while making up for the losses from the decline in oil production from Prudhoe Bay.

The Republican governor met with leaders in Washington in September to expand offshore drilling on the continental shelf, which boasts an estimated 27 billion barrels of oil.

Despite economic setbacks, his predecessor and ally Sarah Palin thinks Parnell, who enjoys an 80 percent approval rating from Alaskans, is good for the state.

"Alaska is in good hands as Gov. Parnell continues to move the state forward," said Palin.