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Alaska's Permanent Fund, once funded by oil extraction, is now funded through investment returns, allowing it to disperse checks to Alaska residents. The US is considering a sovereign wealth fund.
The Alaska Permanent Fund (APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation (APFC). [1] It was established in Alaska in 1976 [2] by Article 9, Section 15 of the Alaska State Constitution [3] under Governor Jay Hammond and Attorney General Avrum Gross.
Nearly every Alaskan will receive a $1,312 check starting this week, their annual share from the earnings of the state’s nest-egg oil fund. Squabbling over the oil checks' size has resulted in ...
Alaska: Alaska Permanent Fund: 74.455 December 2022 [3] Petroleum: 2 Texas: Permanent School Fund: 55.624 August 2022 [4] Commodity / petroleum: 3 Permanent University Fund: 31.763 August 2022 [5] 4 New Mexico: New Mexico State Investment Council Permanent Funds 31.000 December 2020 [6] Petroleum: 5 Wyoming: Wyoming Permanent/Endowment Funds 12 ...
In a report compiled by the government of Alaska, the real GDP of Alaska was $51.1 billion in 2011, $52.9 billion in 2012 and $51.5 billion in 2013.The drop-off that occurred between 2012 and 2013 has been attributed to the decline in the mining sector, specifically the oil and gas sectors, a consequence of declined production.
According to the report, the share of wealth held by those worth $10 million or more jumped from 40% in 2020 to 44% in 2023. At the same time, the amount of wealthy held by those age 60 or older ...
In 2017, they added language to a tax bill mandating two oil and gas lease sales by late 2024. The first sale took place in the waning days of the last Trump administration, but President Joe Biden quickly called on Interior Secretary Deb Haaland to review the leasing program.
In 2005, every eligible Alaskan resident (including children) received a check for $845.76. Over the 24-year history of the fund, it has paid out a total of $24,775.45 to every resident. [5] Some believe this dividend as the reason why Alaska has one of the lowest rates of inequality and relatively low levels of poverty compared to other US states.