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Alaskan Residents Receive Over $3000 In Oil Dividends

The Alaskan authorities distributed a check of over $3,000 to virtually all residents of hawaii in payment from its investment fund that gets chock-full from oil profits.

Called the Permanent Fund Dividend, the payment amounts to $2,622 per resident however the state added another $662 in a bid to greatly help Alaskans with higher energy bills, the AP reported.

Were experiencing record high inflation that people havent seen because the first PFD was paid in 1982, Alaska Governor Mike Dunleavy said in a video address. Alaskans have already been bearing the brunt of the inflation from the gas pump to the supermarket, which years PFD provides essential relief once we go to winter.

The investment fund dividends are paid each year but residents have to make an application for them on an annual basis and you can find residency requirements to qualify as qualified to receive the payments, the AP explained within an earlier report.

The fund was create in the 1970s and, up to now, its value is calculated at some $73.6 billion.

Alaska has benefited from its oil industry but there were problems aswell, boiling right down to the over-dependence on oil funding for various public projects.

Earlier this month, for example, media reported that bonus K-12 funding for schools in hawaii was under threat due to lower oil prices projected for next spring. The bonus funding amounted to $1.2 billion, centered on expected oil prices.

It proved a Department of Revenue oil price forecast made earlier this season might have been too optimistic, seeing crude at $101 for the time between July 2022 and June 2023 – Alaskas fiscal year. Due to the recent sustained decline in oil prices, the Revenue has updated its forecast, now expecting oil to average $91.96 per barrel on the fiscal year.

By Charles Kennedy for Oilprice.com

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