The North Slope is known for having lots of oil. The National Petroleum Reserve–Alaska and the Prudhoe Bay Oil Field are the two biggest areas where oil is found. The Arctic National Wildlife Refuge is there also, and there has been a lot of debate about drilling for oil there. The oil from the North Slope is pumped south in pipes, called the Trans-Alaska Pipeline System, to Valdez where it is loaded onto ships.
Because the Alaska North Slope is very far north, it gets very cold there. Only the top of the soil, called tundra, melts each season. Because of this, most of the soil is frozen all the time. This frozen soil is called permafrost. On top of the permafrost, water flows in shallow braided streams. Some of it goes into ponds.
References
northslope.org, North Slope Science Initiative official website