A Texas GOP leader sells out a Fairbanks state party fundraiser. Wall Street sees green in future cannabis stocks. And Congress considers a major investment in U.S. dams. Read on to learn more about five things to know in Alaska politics.
Allen West promotes Alaska oil and gas
The Alaska GOP held a soldout fundraiser in Fairbanks July 9 that featured keynote speaker Allen West, the Texas GOP party chair and former Florida congressman. West is a retired Army officer and author of “Hold Texas, Hold the Nation.” He also is a rising star in national Republican politics.
“The Biden administration is shutting down our oil and gas industry,” West said in a video recorded before the event. West stands next to the Alaska Pipeline in Fairbanks in the social media spot.
The 800-mile gas pipeline represents energy security and independence for Alaska and the nation, West said on the short video. He urged voters to “keep Alaska red” and said he is running for Texas governor.
The Texas GOP commented on social media that Republican leaders from the two oil states are “doing a series of joint fundraisers … to bring attention to the gas & oil industry.”
Alaska GOP leaders will visit the Lone Star State in September, according to the Texas GOP.
Rep. Young backs dam legislation
Alaska Rep. Don Young announced legislation to invest in repairing, building and updating America’s dams. The Twenty-First Century Dams Act has bipartisan support.
“I have long supported utilizing Alaska’s vast hydropower capabilities, and was proud to support projects such as the Terror Lake Hydroelectric Plant and the Swan Lake Hydroelectric Project,” Young said.
Young points to urgent safety, environmental and energy needs for federal investment. More than 6,000 dams in the U.S. are in poor condition and categorized as “high hazard.”
“Unfortunately, our state is home to dams in urgent need of repair and retrofitting, in addition to dams that need to be removed outright.”
Investing in energy generation is part of the bill, too. Hydropower is a critical carbon-neutral source. “The state of Alaska has tremendous hydroelectric potential, and through it, we can provide our rural and remote communities with reliable, renewable energy,” Young said.
Alaska delegation’s flower power
Alaska Sen. Dan Sullivan and Rep. Don Young are supporting the American Grown Act that calls for American-produced blooms at U.S. government events.
Flower Power Daily, reporting on the $25 billion a year U.S. floral industry, said that less than 25 percent of flowers bought and sold in the U.S. are domestically grown.
Legislation by Alaska’s delegation supports American flower and foliage farmers, according to Flower Power Daily, including the state’s commercial peony growers.
The bill identifies the State Department and Defense Department as places where grown-in-America flowers would be mandated for ceremonies, wreath-layings and other official events. Currently, most flowers are from South America, Europe and Africa.
Cannabis on Wall Street?
Alaska Rep. Don Young, a founder of the Cannabis Caucus in Congress, has led the first GOP-carried legislation to legalize marijuana in the U.S. Young’s advocacy is part of a national trend to repeal cannabis laws. Wall Street and corporate America are taking interest and forecast big business growth.
The cannabis market is projected to expand from $17 billion in 2020 to $64 billion by 2030, according to analysts.
The New York Stock Exchange and Nasdaq do not list American-based cannabis companies because cannabis is illegal under federal law. They do list Canadian cannabis businesses that exclusively do business in Canada, where marijuana is legal.
Cannabis in the U.S. is legal for adult recreational use in 19 states and for medical use in 36 states, with more expected to follow. Alaska was an early state to legalize marijuana.
U.S. analysts are looking ahead, advising that established, state-based companies with a large geographic reach are better poised to take off with federal legalization. Many say that it is just a matter of time.
Jefferies analyst Owen Bennett described future investing in the nascent U.S. cannabis industry as a once-in-a-generation wealth opportunity, according to Reuters news service.
U.S. shutters oil refineries, as China invests more
The Institute for Energy Research reports that China is projected to top the United States this year in petroleum production, which it describes as a “historical first.”
Since April 2020, China began refining more crude oil than U.S. refineries for the first time, with the trend continuing for most of last year.
The United States has been idling oil refineries as China has been developing more.
In April 2021, the U.S. had more than 18 million barrels per day of petroleum refining capacity, down from 19 billion barrels per day in January 2020, the institute reported.
“Operable refinery capacity is the amount of capacity that is in operation or could be brought into production within 90 days,” the institute said.
Contact political reporter Linda F. Hersey at 907-459-7575 or follow her at twitter.com/FDNMpolitics.
