For decades, Alaska’s economy has been described as a three-legged stool. As explained by economist Scott Goldsmith, one leg is the oil and gas sector, another leg is the federal government — which includes federal spending — and the third leg is all other basic sectors like commercial fishing and tourism. This analogy of the three-legged stool is commonly used by the oil and gas sector to secure their importance to Alaska. The guiding rule is that Alaska’s overall economy, represented by the stool, collapses if any one of these three legs falters.