Oil prices Trans-Alaska Pipeline System

nominal , real price of oil, 1971–2007

although trans-alaska pipeline system began pumping oil in 1977, did not have major immediate impact on global oil prices. partly because took several years reach full production , partly because u.s. production outside alaska declined until mid-1980s. iranian revolution , opec price increases triggered 1979 energy crisis despite taps production increases. oil prices remained high until late 1980s, when stable international situation, removal of price controls, , peak of production @ prudhoe bay contributed 1980s oil glut. in 1988, taps delivering 25 percent of u.s. oil production. north slope oil production declined, did taps share of u.s. production. today, taps provides less 17 percent of u.s. oil production.