Alaska is the largest state within the United States by area. It is situated in the northwest extremity of the North American continent, with Canada to the east, the Arctic Ocean to the north, and the Pacific Ocean towards the west and south, with Russia further west across the Bering Strait. Approximately half of Alaska's 710,231 people, based on the 2010 United States Census, reside within the Anchorage metropolitan area. Alaska is the least densely populated state of the U.S.
Alaska was bought from the Russian Empire on the 30th of March, the year 1867, for $7.2 million ($113 million in today's dollars) at around two cents for each acre ($4.74/km2). The land went through several administrative changes prior to becoming an incorporated territory on May 11, the year 1912; and the 49th state of the United States on the 3rd of January, 1959.
"Alaska" was the name which was already given to the peninsula by the Russians during the colonial period. The name derived from the Aleut alaxsxaq, which means "the mainland" or more literally, "the object towards which the action of the sea is directed." It is likewise referred to as Alyeska, the "great land", an Aleut word derived from the same root.
Ranking 45th in the US, the GSP of Gross State Product in 2007 was $44.9 billion. In 2007, the per capita personal income ranks 15th within the nation at roughly $40,042. The gas and oil business dominates the economy of the state of Alaska, with more than 80 percent of the state's revenues derived from petroleum extraction. Alaska's main export product other than oil and natural gas is seafood, primarily cod, salmon, Pollock and crab.
Agricultural production in the state of Alaska represents just a small portion of the states economy. The produce is used primarily for in-state consumption, including dairy products, nursery stock, livestock and vegetables. Manufacturing is limited, with the majority of general goods and foodstuff imported from somewhere else.
Employment is primarily in government and businesses like for instance natural resource extraction, transportation and shipping. Military bases are a significant component of the economy in both Fairbanks and Anchorage. Federal subsidies are also an important part of the economy, allowing Alaska to keep taxes low. Its industrial outputs are natural gas, crude petroleum, coal, gold, precious metals, zinc and seafood processing, other mining, timber and wood products.
The state of Alaska has large amounts of energy resources, with major reserves of oil and gas located in both the Cook Inlet Basins and the Alaska North Slopes (ANS). The state of Alaska ranks 2nd within the US for crude oil production, according to the Energy Information Administration. Prudhoe Bay on Alaska's North Slope is the highest yielding oil field within the country and on North America, normally producing around 400,000 barrels each and every day (64,000 m3/d).
The Trans-Alaska Pipeline could transport and pump up to 2.1 million barrels (330,000 m3) of crude oil each and every day, more compared to any other crude oil pipeline in the nation. Additionally, substantial coal deposits are found in Alaska's sub-bituminous, bituminous, and lignite coal basins. The state of Alaska likewise provides some of the highest hydroelectric power potential within the US from its various rivers. Large swaths of the Alaskan coast provide geothermal energy and wind potential as well.