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

History – 1990′s

1990

  • Walter Hickel (AIP) elected Governor (1990-1994).
  • GHX I gas handling expansion of CGF (3.8 to 5.2 bcf/d), increasing daily oil production by 100,000 barrels.
  • Persian Gulf War starts; oil prices increase to more than $20 per barrel.
  • Constitutional Budget Reserve Fund (CBR) created by constitutional amendment.
  • Alaska population: 550,043.

1991

  • Natural gas prices average $1.46 per btu.

1992

  • Kuparuk production peaks at 322,000 bpd.
  • Petro Star builds Valdez refinery, last all-new refinery in the U.S.

1994

  • Tony Knowles (D) elected Governor (1994-1998).
  • U.S. imports exceed 50% of petroleum supply.
  • CBR receives first deposit; over the next 13 years, CBR will be used 9 times to make up state budget shortfalls.

1995

  • GHX II gas handling expansion at CGF (5.2 to 7.5 bcf/d), increasing ultimate recovery by 400,000 barrels.
  • $175 million investment in Kuparuk enhanced recovery project; recovery increased by 200 million barrels.

1996

  • Gas production in Cook Inlet peaks at 223 bcf/year.

1997

  • 20th anniversary of TAPS.

1998

  • Governor Knowles (D) re-elected (1998-2002).
  • State institutes Areawide leasing program.

1999

  • Miscible Injectant “MIX” project adds to the Prudhoe Bay’s gas handling capacity (7.5 to 9 bcf/d).
  • First BLM lease sale in National Petroleum Reserve-Alaska (NPRA) since the 1980’s.
  • Continued technological advancements lead to 80% reduction in environmental footprint.
  • Oil prices fall to $12 per barrel; unrestricted general fund falls to 20-year low of $1.3 billion.
  • Petroleum revenue drops to under $1 billion for first time since 1979; record CBR draw of over $1 billion to balance state budget.