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

History - 1950's

  • 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.