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The Alaska gas pipeline is a joint project of TransCanada Corp. and ExxonMobil Corp. to develop a natural gas pipeline under the AGIA, a.k.a. the Alaska Gas Inducement Act, adopted by Alaska Legislature in 2007. [1]
Gas prices within the last 10 years highlight how volatile the market can be. When looking at historical data, gas prices were the same in 2011 as they were in 2023 — $3.52 per gallon.
Alaskan gas wells are located in two regions. The largest source is the North Slope area around Prudhoe Bay where gas was discovered along with oil in 1968. In 1974 the State of Alaska's Division of Geological & Geophysical Surveys estimated that the field held 26 × 10 ^ 12 cu ft (740 km 3) of natural gas. [3]
This caused increases in world oil prices, [62] and BP revised the estimated operational date to January 2007. [63] London brent crude hit an intra-day high of $77.73/barrel, the all-time high, at that time, being $78.18/barrel. United States crude oil peaked at $76.67/barrel. The state of Alaska, which gets most of its revenue from taxing the ...
In a report compiled by the government of Alaska, the real GDP of Alaska was $51.1 billion in 2011, $52.9 billion in 2012 and $51.5 billion in 2013.The drop-off that occurred between 2012 and 2013 has been attributed to the decline in the mining sector, specifically the oil and gas sectors, a consequence of declined production.
Nominal and Real Price of Oil, 1971–2007. Although the Trans-Alaska Pipeline System began pumping oil in 1977, [3] it did not have a major immediate impact on global oil prices. [123] This is partly because it took several years to reach full production and partly because U.S. production outside Alaska declined until the mid-1980s. [124]
The cost of a gallon of gas in urban Alaska is usually thirty to sixty cents higher than the national average; prices in rural areas are generally significantly higher but vary widely depending on transportation costs, seasonal usage peaks, nearby petroleum development infrastructure and many other factors. [129] [130]
American drivers had it rough back in 1981. The average price of gasoline spiked to $1.353 a gallon that year -- up from $1.221 in 1980 and more than double the price just three years earlier....