to assist in the evaluation of a contract or contracts between the State and potential developers of a large-scale natural gas pipeline designed to move more than 4 billion cubic feet (bcf) per day from the North Slope of Alaska. Once constructed, the pipeline is expected to bring natural gas supplies totaling approximately 5% of U.S. demand and is expected to cost in excess of $13 billion. Econ One was initially retained by the legislature in the Spring of 2005. The Econ One consulting team includes energy economists and experts, including former senior executives with major oil and gas producers. Econ One has advised the legislature on issues including the role of Alaska gas in U.S. gas markets, the potential impact and consequences on the State of various contract provisions and the analysis of alternative projects. In addition to its work on gas line matters, Econ One has advised the Legislature over the course of the spring and summer of 2006 regarding the overhaul of Alaska’s petroleum severance tax laws.