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• Alaska’s personal income tax repealed.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.