More accurately, oil PRICES, are a function of demand or consumption, and not taxation.

Alaska hit  peak production in 1988, when the monthly average price was $14.87, down from $36.83 in 1980 (not adjusted for inflation). Industry has always pumped oil out of the North Slope as fast as they can. The time value of money dictates that they have to keep producing at maximum volume to maximize return on investment.