Alaska struck it big with oil decades ago and reaped the financial benefits. Oil money made the state and its people rich and built infrastructure in Alaska communities.
In recent years, the price of oil declined sufficiently to result in a state budget deficit currently at about $2.5 billion.
Alaska would like another big strike, but, at the moment, it's more likely that little ones, whether in the oil industry or another one, are what Alaskans can expect.
An example is a bill Gov. Bill Walker signed this week, which is expected to generate between $22 million and $27 million for the state.
Walker had introduced Senate Bill 30 intending to acquire legislative approval for a four-year contract for the state to sell royalty oil to Petro Star Inc.
That means between 8,400 and 10,500 barrels per day, starting in 2018.
"With the decline of oil prices and production, it takes creative, out-of-the box thinking and teamwork to generate revenue," Walker states.
The bill includes a local-hire provision, he adds, meaning he wants Petro Star to hire Alaskans for jobs in connection with the pact between the oil company and the state and allow Alaskans to fully benefit from the natural resources within Alaska's borders.
The agreement with Petro Star isn't worth billions of dollars. But it's worth real money, and money that the state welcomes. It's likely, for the present at least, that the state will be taking advantage of little projects to make up for the big ones that aren't yet realized.
But, little by little, the state will rebuild its economy.