Why the world’s most epic commute may be worth it

Plus: The affordable housing crisis, Thailand's inflation story and more. [Bloomberg]( This is Bloomberg Opinion Today, an ocean of oil and gas frozen in place beneath Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Drill for [oil]( in Alaska. - Search for [housing]( in Long Island. - Look for [markets]( outside China. - Wait for [inflation]( to cool like Thailand. Looking for Alaska (Oil) An oil drilling site, rig and wells at the Kuparuk oil field on the North Slope of Alaska. Photographer: Louie Palu/Agence VU One of humanity’s favorite pastimes is to complain about commuting. It’s [too hot](. It’s [too wet](. It’s [too expensive](. It [takes too long](. However you want to describe it, though, your commute is nothing compared to the epic two-hour trip some regulars make to reach the Arctic North Slope, home to the second-largest oil field in the US. Our energy columnist Liam Denning [tried that commute]( — flying past Alaska's Mount Denali and across the wide expanse of the Brooks Range, where the trees end and the Arctic North Slope begins — to find out whether drilling for oil in Alaska is worth it. When Liam arrived at the airport in Anchorage, the check-in attendant told him that the North Slope is “just like Disneyland!” That is, an off-the-grid Disneyland that has no need for a FastPass, and instead of Mickey Mouse Ears, you’re sporting a [fur-trimmed parka](. Rewatch [the opening scene]( of National Treasure and you’ll get a better feel for the vibes: Who wore it better? The “ocean of oil and gas frozen in place beneath the Arctic” isn’t just an economic opportunity, Liam explains. As one oilman told him, it’s “the closest thing to [drilling on the moon](.” Climate activists argue it’s best to leave it alone. But “[Alaska’s resources]( insure against our latent fears of energy scarcity derailing the larger project of energy transition itself,” Liam argues. This is why President Joe Biden recently approved the Willow project, a new oil field that will be run by ConocoPhillips. A plan that requires the oil to flow through an 800-mile pipe to reach any semblance of civilization might sound like a bad bet, but Willow uses existing infrastructure — pipes, buildings, roads, gravel mines, in-house airlines and tankers — so Conoco isn’t starting from scratch. It’s almost like figuring out what to wear to your umpteenth “dressy casual”[1](#footnote-1) wedding of the summer: Instead of buying a whole new outfit, you cobble together some items from your closet for an ensemble that fits the dress code. The trouble is, even with an existing wardrobe, doing work on the North Slope — which experiences 56 straight days of darkness during the winter — is extremely hardcore. The sheer remoteness can be economically paralyzing. Consider your work life: What happens when your laptop starts [sounding like an airplane]( taking off? The IT department can give you a loaner, no problem. But if something breaks in the Arctic, you might not be getting a replacement until next winter. When something needs fixing, “you can add zeros to the financial impact here,” Ben Tolman, Conoco’s drilling superintendent, told Liam. A contractor works to repair a turbine that generates electricity for the Kuparuk oil field on the North Slope of Alaska. Photographer: Louie Palu/Agence VU Part of the reason stuff takes so long to get there is that, in the summer, the road literally doesn’t exist: Every winter, a 40-mile system of ice roads is built, Liam writes, and it melts when temperatures rise. So why bother? Well, part of the reason is that Russia is currently lapping America — and every other country — when it comes to exploiting Arctic resources. It has the biggest oil-drilling projects by a long shot: But it’s also because those roads of ice are paved with good intentions. Project Willow isn’t just some fancy idea cooked up in a boardroom with Conoco’s investors. It is a potential economic boon that even the Native population approves of: The North Slope Borough is bigger than 39 states, but it has a population that would only half-fill Madison Square Garden, Liam writes. More than 90% of its tax revenue derives from oil producers. “Their choice is not climate change or no climate change. It’s ‘Can we make money and afford to adapt or not?’” Heather Exner-Pirot, an expert on the Arctic and its Indigenous populations, told Liam. That fact alone may make that epic Arctic commute worthwhile. Local Politics Is Bananas Ten years ago, my hometown — a small Connecticut suburb an hour outside of New York City — got a [$9.85 million offer]( to change its name to SugarDaddie.com. There were a few stipulations: The town hall had to be renamed. There needed to be a formal ceremony open to the media and the public. Oh, and a Hugh Hefner statue had to be erected near the town center, and left standing for at least 12 years. Needless to say, the first selectman didn’t go for it, and now this is just a funny story to tell over drinks (or in a newsletter). But in 2013, people saw it as a Very Serious Issue. Teachers imagined a SugarDaddie High School. Lacrosse coaches envisioned “SD.com” uniforms. Parents wondered how it would all look on a college application. They all should have known better: In any town that’s been around since the time of Washington himself, or LBJ for that matter, even the most [reasonable proposals]( are impossible to pass. Take affordable housing. Bloomberg’s editorial board notes that [new residential construction has long been at a near-standstill](, thanks to a series of ancient land-use rules and lawsuits that all but shut the door to new residents. “From 2011 through 2021, officials in Nassau and neighboring Suffolk counties permitted only 2.3 multifamily units per 1,000 residents — far fewer than in housing-crisis hotspots such as Los Angeles or San Francisco,” the editors write. This resistance to change has a direct impact on growth. “As of 2021, more than one in four tenant households in New York City were spending more than half their income on rent,” the editors explain, which forces many people to find housing beyond the outskirts of the city. As commutes become longer and more efficient, workers become less productive. Shutting down affordable living projects in Long Island and beyond only exacerbates the issue, causing the nation to lose as much as $2.1 trillion in GDP every year. In my hometown, and others, a staunch BANANA opposition — Build Absolutely Nothing Anywhere Near Anyone — stands in the way of progress. But times have changed, and so too should towns — even the town of SugarDaddie.com, if such a place exists. Read [the whole thing](. Telltale Charts In today’s Oddly Satisfying Chart of the Day, we have the whispering lines of Chinese and Mexican imports to the US, which are barely touching — almost like that one [Michelangelo painting](. “The last three months, on an un-smoothed basis, actually show Mexican imports exceeding those from China for the first time in 20 years,” John Authers writes. It’s a great example of [the power of “de-sinafication,”]( or what inevitably happens when the US decouples from China. While you (probably) weren’t paying attention, [Thailand has been absolutely crushing inflation](. Dan Moss says the Southeast Asian economy, despite having been “blindsided by the modest nature of China’s rebound,” has achieved a soft landing “without smothering the economy by panicking and ratcheting up borrowing costs too rapidly.” It’s enough to make Dan call Thailand “the unsung hero of Asian economies.” Not all heroes wear capes, clearly: Further Reading [Erdogan’s blackmail]( attempt just doomed Turkey's EU membership. — Bobby Ghosh [Europeans]( are vegetarians in a world of carnivores. — Andreas Kluth Amend the US Constitution to [restrict gun purchases](? Yes, please. — Francis Wilkinson Being [flush with cash]( may feel good, but it actually hurts your wealth. — Merryn Somerset Webb The biggest oil underdog? [China’s crude](. — Javier Blas Capitalism alone isn’t capable of [derailing climate change](. — Mark Gongloff The UN's Sustainable Development Goals [were a fail]( from the start. — Eduardo Porter It sure is looking like [the bond market]( knows everything. — Matthew A. Winkler Further Listening "This isn’t just a series of arbitrary events. It’s something that points to bigger patterns of the breakdown of the conservative movement." Adrian Wooldridge Bloomberg Opinion’s Global Business Columnist Adrian joined [The Big Take podcast]( to discuss why he believes [conservatism has lost sight of its roots]( — and what conservatives can do to find their way back. ICYMI A [volcanic eruption]( in Iceland. Europe’s extremely [chaotic airports](. Sarah Silverman is [suing OpenAI](. [Ozempic’s]( harm to mental health. Kickers The [Thread vibes]( are off. [Guy Fieri]( was nice to Trump. [Unicorn meat]( is in. [Margaritaville]( is wastin’ away. Tennis and champagne [don’t mix](. Notes: Please send specialty drinks in 22oz Take Home Margaritaville Souvenir Blender Cups and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. [1] But seriously: What is "dressy casual" ??? Follow Us You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](