Editing Trans-Alaska Pipeline System (section)

=== Oil prices ===
[[File:Nominalrealoilprices.gif|thumb|Nominal and Real Price of Oil, 1971–2007]]
Although the Trans-Alaska Pipeline System began pumping oil in 1977,<ref name=vcaofo/> it did not have a major immediate impact on global oil prices.<ref name="oil prices"/> 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.<ref>[[American Petroleum Institute]]. [http://www.api.org/aboutoilgas/sectors/explore/historyofnorthalaska.cfm "History of Northern Alaska Petroleum Development"], API.org. Accessed July 29, 2009.</ref> The [[Iranian Revolution]] and OPEC price increases triggered the [[1979 energy crisis]] despite TAPS production increases. Oil prices remained high until the late 1980s,<ref name="oil prices">Energy Information Administration. [http://www.eia.doe.gov/emeu/aer/txt/ptb1107.html "Crude Oil Prices by Selected Type, 1970–2009"], EIA.doe.gov. Accessed July 29, 2009.</ref> when a stable international situation, the removal of price controls, and the peak of production at Prudhoe Bay contributed to the [[1980s oil glut]]. In 1988, TAPS was delivering 25 percent of all U.S. oil production. As North Slope oil production declined, so did TAPS's share of U.S. production. Today, TAPS provides less than 17 percent of U.S. oil production.<ref>National Energy Technology Laboratory. [http://www.netl.doe.gov/technologies/oil-gas/AEO/FossilEnergy/AlaskaOilHistory.html "Fossil Energy – Alaska Oil History"] {{webarchive |url=https://web.archive.org/web/20090425181532/http://www.netl.doe.gov/technologies/oil-gas/AEO/FossilEnergy/AlaskaOilHistory.html |date=April 25, 2009 }}, Arctic Energy Office. Accessed July 29, 2009.</ref>