When Cook Inlet production peaked at over 220,000 barrels a day later that year, in a mere decade Alaska had gone from zero oil production to become the eighth-ranking oil-producing state in the United States. The Cook Inlet basin alone was estimated to hold reserves of 1.5 billion barrels of oil and 5 trillion cubic feet of gas. The revenue from this bonanza gave the fledgling state of Alaska a solid financial boost.
