"The State of Alaska has collected more than $160 billion from oil & gas since 1959."

History – 1980′s

1980

  • One billionth barrel flows through TAPS.
  • Congress passes Alaska National Interest Lands Conservation Act.
  • Alaska’s personal income tax repealed.
  • Legislature makes first special appropriation of $900 million of oil revenues to the Permanent Fund.
  • Wellhead price of U.S. crude oil - $21.59 per barrel.
  • State petroleum revenue triples in one year; 90% of $2.5 billion unrestricted general fund.
  • Alaska population: 401,851.

1981

  • State petroleum revenue exceeds $3 billion, 90% of unrestricted general fund.

1982

  • William Sheffield (D) elected Governor (1982–1986).
  • Beaufort Sea OCS lease sale generates more than $2 billion.
  • Oil prices rise to $34 per barrel.
  • 469,740 Alaskans receive first PFD.
  • State petroleum revenue exceeds $3.5 billion, 87% of the record high $4.1 billion unrestricted general fund.

1983

  • $2 billion water flood project adds 1 billion barrels to expected Prudhoe Bay recovery.

1985

  • Petro Star begins second North Pole refinery.

1986

  • Steve Cowper (D) elected Governor (1986-1990).
  • Saudi Arabia increases oil export—wellhead price of U.S. crude falls from $24 to $12.
  • Central Gas Facility (CGF), world’s largest miscible gas recovery project, constructed to handle up to 3.8 bcf/d at Prudhoe Bay.
  • First new platform in 18 years in Cook Inlet - Steelhead.
  • Alaska receives $2.7 billion in petroleum revenues, 86% of unrestricted general fund.

1987

  • Oil prices collapse; state petroleum revenue and general fund are half of previous year.

1988

  • North Slope production peaks at 2 million bpd.
  • Pt. McIntyre oil field discovered (production begins 1993).

1989

  • Permanent Fund assets reach $10 billion.
  • Exxon Valdez oil spill occurs.