• The Swanson River oil field in Kenai is discovered after 166 consecutive dry holes were drilled in Alaska (production begins 1961).
• Wellhead price of U.S. crude oil is $3.09 per barrel.

1958

• William Egan (D) elected Governor (1958-1962).

1959

• Alaska becomes 49th state.
• First offshore Cook Inlet lease sale.
• Kenai gas field discovered (production begins 1961).
• First oil and gas revenues in Alaska total $3 million, 12% of unrestricted general fund.