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History of Oil
in Alaska

by Lucy Kriner

• 1957 The Swanson River oil and gas field is discovered on the Kenai Peninsula
  and gas field is discovered on the Kenai Peninsula beginning Alaska's modern
  oil era.
  
  
• 1959 British Petroleum begins to explore for oil on the North Slope.
  
  
• 1968 Atlantic Richfield pumps oil from exploratory well at Prudhoe Bay, recoverable reserves of oil estimated at 9.6 billion barrels.
  
  
• 1973 U.S. Congress passes the trans-Alaska Pipeline Authorization Act. War in the Middle East in October causes oil prices to rise from $3 to $16 per barrel.
  
  
• 1974 Construction of the trans-Alaska pipeline begins. Construction lasts 39 months, costs $8 billion, including the Marine terminal in Valdez.
  
  
• 

Digitized picture of life-size man standing by
actual size of a cross section of the pipeline.
Photo taken at the Anchorage Museum of History and Art.
1977 Oil tanker departs Valdez with first shipment of PrudhoeBay oil.

1980 One billionth barrel of oil passes through the trans-Alaskapipeline

1989 Seven billionth barrel of oil passes through the trans-Alaskapipeline.

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Alaska's oil production accounts for 25%
of the total U.S. production.

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Alaska has the two largest producing oil fields
in the U.S. -- Prudhoe and Kuparuk -- and is the
nation's largest producer of oil.

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The State of Alaska realizes approximately 85% of its
total income from oil resources.

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