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The economic potential of petroleum production from Alaska and other possibly productive areas in the North American Arctic regions is significant. There are basic distinctions between economic and geologic potential, and between exploration, development, and production costs for petroleum. Further distinctions exist between fixed and variable costs, between short run and long-run costs, and between those expenditures which represent outlays for the purchase of actual goods and services (labor, materials, capital goods) and those expenditures which do not (lease bonuses and rentals, royalties, and various faxes). Projected production levels for North American Arctic oil for 1920 range from 5.2 million bbl per day at a price of $2.30 per barrel to 9.9 million bbl per day at a price of $4.44 per barrel.

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