ABSTRACT
In the latter part of the 1960s two seemingly unrelated events occurred that are now intertwined into one of the nation’s most significant economic, environmental, and energy-related controversies. First, in the period 1968-70, successful exploratory efforts resulted in the discovery of a major oil field on the North Slope of Alaska. At the end of 1970 the American Petroleum Institute estimated the proved reserves in this Prudhoe Bay field to be approximately 9.6 billion barrels. When this field is fully developed, the amount of oil ultimately recoverable may prove to be twice as large. A field of such size makes this discovery one of the single most important in the history of the domestic crude oil industry.
