Industry cautious in placing bets on new prospects

The oil industry will see most of its action on Bering Sea projects in the courts this summer in a battle with those opposed to lease development. Low oil prices will also hamper development there and on the North Slope and Beaufort Sea holdings. The author reviews individual oil company drilling activities in response to economic and regulatory pressures. State support of a project to study the effect on whale migration is allowing some work to continue, and may lead to long-term viability. Cost-cutting by the oil companies as they restructure focuses on exploration activity which will affect reserves and supply security in the future. Alaska will bear the major burden of providing new oil fields for development, but the industry needs cooperation from both the state and national government. 1 figure, 1 table.