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Alaska’s Prospectors
Drill for Liquid Gold
Prospectors competing in Alaska’s latest rush for riches wear hard hats and run drilling rigs. Oil strikes above the Arctic Circle on the north slope of the 49th state indicate that huge reserves lie beneath the tundra. Preliminary reports suggest the wells may produce one to two million barrels a day by the mid-1970’s.
The find, 195 miles southeast of Point Barrow, has been described as “one of the largest petroleum accumulations known to the world today.”
Presence of vast Alaskan deposits has long been suspected, the National Geographic Society says. Travelers reported oil seeps 80 years ago. In 1923, President Warren G. Harding set aside 37,000 square miles near Point Barrow for petroleum exploration.
Navy Hit Oil
Geologists found oil in the region -- known as Naval Petroleum Reserve 4 -- during World War II. Drilling started in 1945, but none of the fields seemed rich enough to offset the high expenses imposed by weather and terrain.
Winter winds up to 75 miles an hour lash the broad and rolling expanse of treeless tundra.
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