On Tuesday, the state officials reports that the aged oil basin on Alaska's North Slope, the site of the United States' largest oilfields, will see production decline but at a slower rate over future decades.

The press release is quoted as saying:

Since North Slope production hit its peak of slightly over 2 million barrels per day in 1988, it has declined by an average annual rate of 4.9 percent, to an average 693,000 barrels per day in fiscal 2009, state petroleum economist Jennifer Duval told lawmakers at a hearing in the state capitol in Juneau.

Click here to access the entire press release ^[1]