LSE tonight, page-893

AS old as this.
Although the Trans-Alaska Pipeline System began pumping oil in 1977, it did not have a major immediate impact on global oil prices.^[115]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.^[116] The Iranian Revolution and OPEC price increases triggered the 1979 energy crisis despite TAPS production increases. Oil prices remained high until the late 1980s,^[115] 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' share of U.S. production. Today, TAPS provides less than 17 percent of U.S. oil production.^[117]