Comment Re:cause Alaska's huge in resources, not in popula (Score 1) 284
If this had happened in Texas (another state that produces a lot of oil, though in general doesn't have all the natural resources Alaska has), those $1.2 billion would amount to... less than $45 for each of it's 27 million inhabitants.
I think that you're forgetting that Texas produces about 8x as much crude as Alaska. If they had setup a similar fund we would be talking about at least $400 per year. Not too shabby.
Now, if either state had followed Norway's lead and kept most of the oil profits for themselves, we would be talking about substantially larger amounts of dividends or savings. Norway's fund is now approaching a trillion dollars in value -- for a country with a population one fifth that of Texas's, and approximately the same level of crude production.