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From KTLA5: Some 1.2 billion barrels of oil have been discovered in Alaska, marking the biggest onshore discovery in the U.S. in three decades. he massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices. The new discovery was made in just the past few days in Alaska’s North Slope, which was previously viewed as an aging oil basin. Spanish oil giant Repsol and its privately-held U.S. partner Armstrong Energy announced the find on Thursday, predicting production could begin as