State collects $170B in oil revenue over 35 years

A researcher finds the state has collected $170 billion in revenue from North Slope oil in the 35 years since oil began flowing through the trans-Alaska pipeline.

 

Scott Goldsmith, professor emeritus at the Institute of Social and Economic Research, finds the state directly spent about three-quarters of that and saved the rest.

 

The $170 billion is measured in today's dollars.

 

Goldsmith says state savings accounts built with oil money have generated about $46 billion in available earnings. Of that, $34 billion has been spent and $12 billion reinvested in savings accounts.

 

Goldsmith finds that between revenues and earnings from savings accounts, the state has spent $159 billion in oil wealth. The bulk of that total has gone to government operations, while $26 billion has been paid as Permanent Fund dividends.