$100 Oil Prices Boost Alaska Treasury with Extra $128M for Dividends
The price of North Slope crude oil has surpassed $100 per barrel for the first time since June, according to figures published by the Alaska Department of Revenue. This increase in oil prices is largely due to the ongoing Iran war and its impact on global markets.
Despite the high cost of fuel affecting individual Alaskans, the state's treasury continues to benefit from wartime oil prices. Preliminary figures show that Alaska earned just under $7 billion in general-purpose revenue during Fiscal Year 2026, which ended June 30. This estimate is more than $500 million above a prediction made in March and another $500 million higher than a forecast from last fall.
The increased revenue means an additional $128 million for Permanent Fund dividends, enough to raise this year's payment to $1,200 per recipient. Payments will start on October 1. The state also plans to allocate $115 million more for local school districts and $15 million extra for the bulk fuel loan program.
After accounting for this spending, over $341 million was left over for a deposit into the state's Statutory Budget Reserve. This savings account can be accessed with a majority vote of the state House and Senate and the assent of the governor.