Alaska's State Treasury Soars on Wartime Oil Prices

The price of North Slope crude oil has surpassed $100 per barrel for the first time since June, according to figures from the Alaska Department of Revenue.

This high cost of crude is a result of the ongoing Iran war and continues to increase the revenue available for services and Permanent Fund dividends in Alaska.

While individual Alaskans are feeling the burden of high fuel costs, with diesel topping $6 per gallon nationally, the state is reaping the benefits. Preliminary figures show that the state earned just under $7 billion in general-purpose revenue during Fiscal Year 2026, which ended June 30.

The estimate will be revised and updated later this fall, but acting Revenue Commissioner Janelle Earls notes that it's already higher than previous predictions. The new figure is more than $500 million above a prediction from March, which itself was another $500 million higher than a prediction from last fall.