The state of Alaska is the biggest state in the Union by total land area. Alaska is situated within the far northwest part of the North American continent. Canada lies to the east, whereas Russia lies to the west. The Arctic Ocean provides the northern border, while the Pacific Ocean provides the southern and western border. Approximately half of Alaska's 710,231 people, based on the 2010 United States Census, live within the Anchorage metropolitan area. Alaska is the least densely populated state of the U.S.
Alaska was obtained from the Russian Empire on the 30th of March, 1867, for $7.2 million ($113 million in today's dollars) at about two cents for every acre ($4.74/km2). The land went through some administrative changes prior to becoming an incorporated territory on May 11, the year 1912; and the 49th state of the United States on January 3, the year 1959.
The name "Alaska" was already introduced in the Russian colonial period, when it was used just for the peninsula and is 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 also called Alyeska, the "great land", an Aleut word derived from the same root.
The 2007 gross state product was $44.9 billion, 45th within the United States. Its per capita personal income for the year 2007 was $40,042, ranking 15th within the United States. The gas and oil business dominates the economy of Alaska, with more than 80% of the state's revenues coming from from petroleum extraction. Alaska's main export product other than natural gas and oil is seafood, mostly salmon, cod, Pollock and crab.
Agriculture represents only a portion of the Alaskan economy. Agricultural production is primarily for consumption in the state of Alaska and consists of nursery stock, dairy products, vegetables, and livestock. Manufacturing is limited, with the majority of foodstuffs and general goods imported from somewhere else.
Employment in Alaska is mainly driven by jobs in government and businesses such as natural resource extraction, shipping, and transportation. The military bases in Anchorage and Fairbanks likewise provide a significant element of the economy. Federal subsidies are also a vital part of the economy, allowing the state of Alaska to be able to keep taxes low. Its industrial outputs are natural gas, crude petroleum, coal, gold, precious metals, zinc and other mining, seafood processing, timber and wood products.
Alaska has vast energy resources. Major gas and oil reserves are situated within the Cook Inlet Basins and Alaska North Slope (ANS). As per the Energy Information Administration, Alaska ranks second within the United States in crude oil production. Prudhoe Bay on Alaska's North Slope is the highest yielding oil field within the United States and on North America, typically producing roughly 400,000 barrels per day (64,000 m3/d).
The Trans-Alaska Pipeline could pump and transport up to 2.1 million barrels (330,000 m3) of crude oil every day, more than any other crude oil pipeline in the United States. In addition, substantial coal deposits are situated within Alaska's bituminous, sub-bituminous, and lignite coal basins. The state of Alaska likewise provides some of the highest hydroelectric power potential in the nation from its various rivers. Large swaths of the Alaskan coastline provide geothermal energy and wind potential as well.