CNBC Press Releases

BARTIROMO: AND THERE'S A LOT OF HOSTILITY OUT THERE AS YOU SAID HOW MUCH PRESSURE DO YOU FEEL AS A STATE TODAY I MEAN CHAVAS KICKING OUT CONNOCO PHILLIPS RIGHT OF VENEZUELA, BP HAVING BIG PROBLEMS IN RUSSIA IS THERE ADDED PRESSURE TODAY AS A RESULT OF THESE HOSTILITIES WE SEE AROUND THE WORLD TO DRILL IN ALASKA?

PALIN: THERE SHOULD BE ADDED PRESSURES THE COMPANIES THAT ARE TRYING TO OPERATE UNDER THESE FOREIGN REGIMES ARE ALSO IN A WORLD OF HURT WITH THE INSTABILITY WITH A VOLATILITY OF THE REGIMES AND THE COUNTRIES THAT THEY ARE IN HERE IN AMERICA WE HAVE STRICT STANDARDS OF COURSE WHEN IT COMES TO PROTECTING THE ENVIRONMENT AND PROTECTING THE WORKERS WITH OIL PRODUCTIONS IN ALASKA WE HAVE EVEN STRICTER STANDARDS THAN THE FEDS HAVE AND OUR ADMINISTATION WE HAVE REALLY BEEN WALKING THE WALK AND NOT JUST TALKING THE TALK ON THIS WE HAVE CREATED AN OFFICE EXCLUSIVELY FOR PIPELINE AND PETROLEUM INTEGRITY TO MAKE SURE THERE AREN'T THEY'RE WON'T BE THE COROSION THERE WON'T BE THE LEAKS THERE WON'T BE THE ADVERSE AFFECTS OF OIL PRODUCTION AND GAS PRODUCTION ON OUR ENVIRONMENT WE HAVE SOME OF THE STRICTEST STANDARDS IN THE WORLD IN TERMS OF PROTECTING THE WORKERS UP THERE ON THE NORTH SLOPE ALSO ALL THOSE THINGS THAT YOU'RE NEVER GOING TO FIND IN SOME OF THESE FOREIGN COUNTRIES THAT DON'T CARE AS MIUCH ABOUT THE ENVIRONMENT OR EVEN ABOUT THEIR WORKERS TO THE EXTENT THAT WE CARE ABOUT OUR ENVIRONMENT AND WORKERS SO THESE OIL COMPANIES ALSO I THINK MORE AND MORE ARE RECOGNIZING YOU KNOW LET'S LOOK AT OUR OWN BACKYARD LET'S LOOK IN ALASKA AND SOME OF THESE OTHER OIL AND GAS PRODUCING STATES AND LET'S START RAMPING UP THAT PRODUCTION AND THANKFULLY THEY ARE COMING TO THAT

BARTIROMO: HOW LONG DID IT TAKE THOUGH GOVERNOR I MEAN THESE ARE LONG TERM PROJECTS RIGHT? LET'S SAY YOU GET THE GO AHEAD TO GO AND ACTUALLY START ACTIVITY IN THIS AREA THIS YEAR OR IN 2009 WHAT WOULD BE THE VIABLE DATE THAT WE COULD ACTUALLY SEE THIS OIL FLOWING?

PALIN: YOU KNOW IT'S GONNA TAKE 5 YEARS MAYBE MORE YEARS TO HAVE A LOT OF THE OIL AND THEN THE NATURAL GAS THAT'S FOUND AT THE SAME TIME TO START FLOWING INTO HUNGRY MARKETS BUT AGAIN I SAY WELL BETTER TODAY BETTER NOW THAN NEVER THE TRANS-ALASKA OIL PIPELINE IS BUILT TO FLOW A HECK OF A LOT OF OIL IN FACT IT DOES NOT OPERATE AS SMOOTHLY WHEN IT IS ONLY HALF FULL. TODAY IT IS ONLY FULL THERE'S ONLY ABOUT 7OO,OOO BARRELS A DAY FLOWING THROUGH THAT THE OIL PIPELINE NEEDS MORE OIL FLOWING IN THERE SO THAT IT WILL TAKE FOR THOSE FIELDS TO BE TAPPED THE INFRASTRUCTURE IS ALREADY THERE THE OIL PIPELINE BEING HALF FULL IS MORE THAN ABLE TO INCREASE ITS CAPACITY AND LET MORE OIL FLOW THROUGH IT SO IN TERMS OF THE INFRASTRUCTURE ALREADY BEING THERE IN THAT 800 MILE LONG PIPE IT'S ALREADY THERE IT'S READY TO BE FED MORE PETROLEUM

BARTIROMO: OK SO BUT DO WE NEED MORE INFRASTRUCTURE BUILT I MEAN HOW MUCH MORE OF AN INVESTMENT ARE WE TALKING ABOUT WHEN YOU DO OR IF YOU DO GET THE GO AHEAD?

PALIN: WELL THERE'S STILL A LOT OF INVESTMENT THAT IS NEEDED THERE IS A LOT OF INFRASTRUCTURE THAT NEEDS TO BE BUILT AND ITS BILLIONS OF DOLLARS ALSO BUT AGAIN I SAY NOW BETTER THAN NEVER WE ALSO NEED TO TALK ABOUT OUR NATURAL GAS SUPPLIES ALSO TOO THOUGH WE'RE TALKING AT THIS POINT AND THE ALASKA STATE LEGISLATURE HAS JUST APPROVED A 40 BILLION DOLLAR NATURAL GAS PIPELINE TO BE BUILT TO FLOW VERY CLEAN VERY STABLE VERY SAFE SUPPLY OF NATURAL GAS INTO THE HUNGRY MARKETS ON THE NORTH AMERICAN CONTINENT THIS IS GONNA BE THE LARGEST PRIVATE SECTOR INFRASTRUCTURE PROJECT IN NORTH AMERICAS HISTORY THIS IS HUGE BUT ALASKA HAS THE NATURAL GAS RESERVES IT IS TIME TO TAP THOSE ALSO IN ADDITION TO RAMPING UP OIL SUPPLIES THE NATURAL GAS ALSO AND WE'RE UNDERWAY NOW WITH BUILDING THIS NATURAL GAS PIPELINE WE HAVE COMPETING PROJECTS WHICH IS KINDA COOL TOO BP AND CONNOCO PHILLIPS HAVE THEIR OWN IDEA ON HOW TO BUILD THIS NATURAL GAS PIPELINE AND THE STATE OFALASKA HAS OUR IDEA ON HOW TO BUILD IT AND THE TWO PROJECTS WILL COMPETE WITH ENOUGH CUSTOMERS FEEDING ONE OR THE OTHER PROJECT ONE OR THE OTHER LINES IN TEN YEARS WILL HAVE THAT LINE BUILT ALSO

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