Alaskan Resident Questions 'Record' Lease Sale Claims

Argues that 1999 sale was actually higher when adjusted for inflation

Apr. 9, 2026 at 8:53pm

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A geometric composition of overlapping triangles and rectangles in shades of blue, green, and yellow, conceptually representing the nuanced financial realities of Alaska's oil and gas industry.An abstract illustration capturing the complex economics behind Alaska's oil and gas lease sales, beyond the headline-grabbing figures.Anchorage Today

A long-time Alaskan resident with a background in mathematics has written a letter to the editor questioning the claims around the Bureau of Land Management's recent 'record-breaking' lease sale in the National Petroleum Reserve-Alaska. The author argues that when adjusting the previous 1999 sale for inflation, it was actually 26% higher than the recent $163 million sale, and that ExxonMobil's $7 million bid represents a relatively small investment compared to the company's overall earnings.

Why it matters

The debate over the value of Alaska's natural resource development and the potential revenue it can generate for the state is an ongoing issue. This letter challenges the narrative that the recent lease sale was a historic achievement, providing a more nuanced perspective grounded in financial analysis.

The details

The author, Marcus Geist, points out that the $163 million raised in the recent lease sale is lower than the $205 million (in 2026 dollars) generated by the 1999 sale when adjusted for inflation. He also notes that ExxonMobil's $7 million bid, while significant, represents a tiny fraction of the company's $28.8 billion in corporate earnings last year, the equivalent of a worker making $50,000 betting just $12.

  • The recent Bureau of Land Management lease sale in the National Petroleum Reserve-Alaska took place in March 2026.
  • The previous record lease sale in Alaska occurred in 1999.

The players

Marcus Geist

A resident of Anchorage, Alaska for more than 25 years, with a background in mathematics, who has written a letter to the editor questioning the claims around the recent 'record-breaking' lease sale.

ExxonMobil

An oil and gas company that submitted a $7 million bid in the recent lease sale, which the author argues is a relatively small investment compared to the company's overall earnings.

Bureau of Land Management

The federal agency that conducted the recent lease sale in the National Petroleum Reserve-Alaska.

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What they’re saying

“While the sale did raise $163 million and is larger than the $105 million raised in 1999 (the previous 'record'), nearly every online inflation calculator converts those late 20th century dollars into approximately $205 million in 2026, so 1999's sale was 26% more than the supposed 'Giant Lease Sale' this March.”

— Marcus Geist, Resident of Anchorage, Alaska

“ExxonMobil's bid of $7 million is held aloft as a significant investment. Its corporate earnings last year were $28.8 billion, so its investment is the equivalent of a worker making $50,000 betting 12 bucks last year.”

— Marcus Geist, Resident of Anchorage, Alaska

The takeaway

This letter highlights the importance of using accurate financial analysis and not being swayed by exaggerated claims of 'record-breaking' sales, especially when it comes to the complex issue of natural resource development and its potential revenue impact for the state of Alaska.