Page 62 - (DK Eyewitness) Travel Guide 2017 - Alaska

60  INTRODUCING ALASK A

was limited to $500 million. Despite this
tragedy, Alaska continued to grow. In 1968,
the Atlantic-Richfield Company (ARCO)
drilled an exploratory well at Prudhoe
Bay on the Arctic coast and discov ered an
estimated 9.6 billion barrels of recoverable
oil reserves on state-controlled land. Alaska
sold oil leases worth $900 million, and six
years later, the Alyeska Corporation began
construction of the Trans-Alaska Pipeline
and the black gold rush was on. Thousands
of workers flooded into Alaska for well-
Anchorage’s 4th Avenue, a day after the massive 1964
Good Friday earthquake paying pipeline jobs and 39 months and $8
billion later, the oil began to flow. In 1982,
The Oil Boom the resulting oil revenues were used to
In 1957, oil was discovered in Cook Inlet establish a state savings account, the Alaska
and by the mid-1960s, platform installations Permanent Fund. Its future is uncertain due
were producing 200,000 barrels of oil per to falling oil prices, but for now, it still pays
day. However, a major setback occurred annual dividends to state residents.
on March 27, 1964, when one of the
20th century’s strongest earthquakes – 9.2 ANCSA and ANILCA
on the Richter scale – rocked Southcentral In 1971, Congress passed the then
Alaska, causing widespread destruc tion. controversial Alaska Native Claims Settle-
Due to the low population density, loss ment Act (ANCSA), which attempted to
of life was minimal and property damage compensate Alaska Natives for the loss of

Endicott Oil Production Island at Prudhoe Bay on Alaska’s North Slope

1980 ANILCA (Alaska
1968 The first oil 1971 ANCSA National Interest 1985 Alaska purchases 1997 Japanese freighter
is pumped at (Alaska Native Claims Lands Conservation Alaska Railroad from runs aground and spills
Prudhoe Bay Settlement Act) passed Act) passed federal government fuel at Unalaska
1965 1970 1975 1980 1985 1990
1964 Good
Friday earthquake 1976 Willow
seriously damages 1969 North Slope selected as 1989 Exxon Valdez hits
Anchorage, Valdez, oil leases sold for the new 1977 Trans-Alaska Bligh Reef and spills oil into
Seward, and Kodiak $900 million capital site Pipeline completed Prince William Sound

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