How the Iran War Is Making Alaskans Both Richer and Poorer
Channel: Bloomberg Television
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Read a transcript preview of “How the Iran War Is Making Alaskans Both Richer and Poorer” from Bloomberg Television, uploaded on 2026-11-07.
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Language: English (creator captions)
[0:00] This is a story of hidden winners.
[0:02] The ongoing war in Iran has been deeply unpopular in the U.S.
[0:07] Oil prices have surged,
[0:08] hitting Americans in the wallet across the 50 states.
[0:11] But President Trump insists that the conflict
[0:13] will benefit Americans in no small part
[0:16] because of its role as a net petroleum exporter.
[0:19] -I could just see the fake headlines.
[0:22] "President Trump is talking about all the money
[0:24] "they're making while people are suffering at the pump."
[0:27] That'll be the headline.
[0:28] But I say, I don't give a damn. I'm going to say it.
[0:31] We're making a frickin fortune.
[0:35] Westin: Rugged, remote, and sparsely populated,
[0:37] Alaska is often called the last frontier,
[0:41] and its economy is perhaps as unusual as its landscape.
[0:45] -We liken Alaska's economy to a 3-legged stool.
[0:49] One leg of the stool is held up by our petroleum industry.
[0:52] The other leg of the stool is federal government spending,
[0:55] which has been increasing over the last decade or two.
[0:58] And then the third leg of the stool
[0:59] is everything else, our mining, timber,
[1:01] tourism industries.
[1:02] So what we've seen over the last decade or so,
[1:04] under declining oil prices,
[1:06] that that oil leg has gotten a little shakier,
[1:08] as the federal government leg has gotten a little sturdier.
[1:11] So maybe now it's a bit more
[1:13] like a rocking chair than a stool.
[1:14] But the resurgence in oil prices over the last year
[1:18] has brought in both new revenue to the state government,
[1:21] but also pinched consumers.
[1:24] Westin: Alaska ranks among the highest states
[1:26] in revenue per resident coming from oil produ