Alaska lawmakers face crunch to pay checks from oil wealth

Alaska residents don’t know how much money they might get from the state’s oil wealth this year, or even when they might get the unique payout just for living in the oil-dependent state

JUNEAU, Alaska -- Alaska residents don’t know how much money they might get from the state’s oil wealth this year — or even when they might get the unique payout just for living in the state — and many are upset. Some see the annual checks, which have ranged from about $331 to $2,072, as an entitlement, a benefit from the state's resources. But lawmakers have come to rely on the same pot of money traditionally used for the checks to help fund the government in a place with no statewide sales or personal income tax. The Alaska Permanent Fund, seeded with oil money and grown through investments following its creation in 1976, has an estimated value of $81.1 billion. Residents' checks come from the fund's earnings, which lawmakers have leaned on for expenses, with oil revenue a fraction of what it was a decade ago. Frustrated residents have called in to virtual hearings or provided written testimony, with some saying the dividend is their money and that they’re tired of lawmakers setting an arbitrary amount for checks.