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Alaska's Permanent Fund Dividend aims to provide citizens with a share of the natural riches of the state and works by an annual payment which will run in 2024 too, but how can you claim if you are eligible?
The PFD is an annual payment to residents from the sovereign wealth fund, established some 48 years ago in 1976 to ensure citizens aren't losing out on the state's natural wealth.
The fund invests oil revenues and other mineral lease rentals to generate income and each year, eligible Alaskans receive a portion of the earnings, typically ranging from $1,000 to $2,000 per person.
The PFD aims to distribute the state's natural resource wealth directly to its citizens, promoting shared prosperity and economic stability. It's a unique program in the United States, reflecting Alaska's approach to managing its natural resource wealth.
In 2024 that amounts to a $1312 stimulus check to all qualifying citizens which will be paid on August 15 - provided that applicants had sent off their documents prior to August 7.
Eligible citizens must have lived in Alaska for the entirety of 2023 and intend to remain as a resident indefinitely on the date they applied to the 2024 PFD fund.
They must not have applied for or received residency in any other state or country since December 31, 2022, and must not have been convicted of a felony during 2023, nor spent time incarcerated.
How important is oil to Alaska?
Oil has historically been a significant contributor to Alaska's economy, accounting for over 85% of the state's revenue at its peak. It by far dominated other areas of the economy such as fishing, tourism and timber and metal mining
Yet in recent years, however, this percentage has declined due to falling oil prices and production. In 2022, the state's revenue from oil and gas production was approximately $3.9 billion including taxes, royalties, and lease payments from oil companies.
Despite the decline, oil remains a critical economic driver, funding public services, infrastructure, but Alaska faces challenges in maintaining this revenue stream as global energy markets and production costs evolve.