So, let’s review: Alaska has no gas line, no LNG shipping infrastructure, no Federal Energy Regulatory Commission authorization for a gas line and no signed contracts from anybody to buy the state’s gas.
What it does have is a handful of memorandums of understanding and letters of intent from potential gas buyers and China, seen in many quarters nowadays as the world’s shylock. None of the paper, by the way, is worth squat. Nobody has signed on the dotted line.
The Alaska Gasoline Development Corp. has spent hundreds and hundreds of millions of dollars to get the proposed $43 billion AK LNG Project this far after the North Slope’s biggest producers abandoned the effort because it simply did not pencil out for them.