Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

U.S. Senate Committee on Energy and Natural Resour : Murkowski Commemorates 40th Anniversary of Senate Vote on Trans-Alaska Pipeline System

07/17/2013 | 06:17pm US/Eastern
Recommend:
0

WASHINGTON, D.C. - U.S. Sen. Lisa Murkowski, R-Alaska, today highlighted the 40th anniversary of the Senate approving construction of the Trans-Alaska Pipeline (TAPS) in Alaska.

"Four decades ago today, the Senate authorized an ambitious project to construct a pipeline across the entire state of Alaska to deliver North Slope crude oil to the Lower 48," Murkowski said. "It was a monumental decision that has shaped the trajectory of Alaska to this day."

On July 17, 1972, the Senate voted 49-49 to approve construction of the pipeline. The deadlock was broken by the Vice President. The House approved similar language on Aug. 2, 1973.  

Work on the pipeline began in April of 1974, and finished in June 1977. More than 70,000 individuals worked on the construction of the 800-mile pipeline, overcoming extreme cold, difficult terrain and problems caused by permafrost. The first oil flowed down the pipeline to the seaport of Valdez on June 20, 1977.

Construction of the pipeline spurred exploration on the North Slope, leading to discoveries of new fields, including Kuparuk, Endicott and Alpine. At its peak on Jan. 14, 1988, TAPS carried 2.1 million barrels of oil a day. To date, the pipeline has delivered more than 16 billion barrels of oil to U.S. consumers.

The amount of oil in the pipeline has been steadily decreasing over the years as oil fields on state-owned land are depleted. The pipeline currently carries about 550,000 barrels of oil a day.

"The decrease in oil flowing through TAPS is something all Americans should be concerned about. The loss of one-fifth of our country's oil output is no small matter," Murkowski said. "A vast amount of oil remains as yet untapped in Alaska, most of it trapped on federal lands. It's my hope that on this 40th anniversary of the pipeline, we'll start to pay greater attention to the looming problem of losing a major portion of our country's domestic oil production if more federal lands in Alaska aren't opened to responsible development."

Murkowski is Alaska's senior senator and the ranking Republican on the Senate Energy and Natural Resources Committee.

distributed by
Recommend :
0
React to this article
Latest news
Date Title
<1m ago GENERAL MOTORS : GM says facing multiple probes into recent recalls
<1m ago WEIS MARKETS : Announces $101 Million Cap Ex Budget
<1m ago Fitch Affirms 1345 Ave. of the Americas and Park Ave. Plaza Trust, Series FB 2005-1
1m ago CULLEN/FROST BANKERS : Increases Quarterly Common Cash Dividend, Announces Quarterly Cash Dividend For Preferred Stock
2m ago DELPHI AUTOMOTIVE : GM says facing multiple probes into recent recalls
2m ago A Nearby "Hot Spot" for GBP/NZD Longs
3m ago BAKER HUGHES : Major oil & gas firm to list drilling chemicals
3m ago CRAILAR TECHNOLOGIES : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
3m ago Show Spirit With Sports Apparel From EmbroidMe
4m ago CASH STORE FINANCIAL SERVICES : to delist from the TSX amid fallout from Ontario regulatory actions
Latest news
Advertisement
Hot News 
SERVICEPOWER TECHNOLOGIES : Forms Strategic Relationship with Bosch
GREETINGS : Says Full-Year In Line With Expectations
Eagle Rock Announces Suspension of Distribution, Intent to Resume Following Close of Midstream Contribution Transaction
Elizabeth Arden Hires Goldman Sachs to Assist in Possible Sale -Reuters
CLEARFIELD : Reports Fiscal 2014 2nd Quarter Results
Most Read News
11h ago Juicy Apple buoys shares, euro volatility sinks
1d ago BUFFETT : moving oil by rail safely major industry concern
13h ago BLUNT BAYERN GIVEN A REAL MASTERCLASS ; CHAMPIONS LEAGUE Semi-final first leg
8h ago Van Gaal's ego may be too big even for United
1d ago ACTIVISION BLIZZARD : Newest Skylanders® Game - Skylanders Trap TeamTM - Takes Toys-to-Life Phenomenon to New Levels by Bringing Digital Characters into the Physical World
Most recommended articles
11h ago Juicy Apple buoys shares, euro volatility sinks
3h ago Healthcare deal hopes push FTSE to seven-week closing high
2d ago Barclays joins retreat from commodities as new rules bite
04/17 BLACKSTONE : earnings rise 30 percent, boosted by private equity gains
1m ago DELPHI AUTOMOTIVE : GM says facing multiple probes into recent recalls
Dynamic quotes  
ON
| OFF