Wartime Oil Prices Send Alaska's Treasury Soaring

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

This surge in oil prices is benefiting Alaska's state treasury, with preliminary figures showing that the state earned just under $7 billion in general-purpose revenue during Fiscal Year 2026. This is more than $500 million above a prediction made in March and another $500 million higher than a prediction from last fall.

The high cost of crude oil caused by the Iran war is increasing the amount of money available for services and Permanent Fund dividends in Alaska, according to James Brooks with the Alaska Beacon. This means an extra $128 million for Permanent Fund dividends, enough to raise this year's payment to $1,200 per recipient.

The state also expects tens or hundreds of millions of dollars extra for lawmakers and the new governor to budget when the 35th Alaska State Legislature convenes in January, if oil prices remain high until after the Nov. 3 midterm elections.