-Galla S Kiran Kumar,Bureau Chief Telagana (Andhra Pradesh)
Alaska is the largest state in America. The state derives its income from hair export, fish farming, mining of gold deposits and oil extraction.
One thousand dollar check for each eligible resident
Alaska is the largest state in America. The state derives its income from hair export, fish farming, mining of gold deposits and oil extraction. This state is getting most of its income mainly from oil. The value of oil is not always the same. Prices fluctuate. Moreover, since oil is a limited resource, it is certain that the reserves will be filled at some point. As a solution, a fund has been set up in this state. In 1867, the United States bought Alaska from the Soviet Union for $7.2 million. Until 1896, hair exports were the main source of income here. Later, gold deposits were discovered near the Klondike River. By 1960, the state’s income was dependent on fisheries. At that time, the annual budget was 100 million dollars (Rs. 820 crores). By 1962, the situation had changed. A huge oil field has been discovered in this state. It is estimated that about 13 billion barrels can be added in Prudhoe Bay. The lands were immediately leased to oil companies and in 1969, they received an income of 900 million dollars (Rs. 7,380 crores).
With the arrival of that governor..
Prudh Bay oil deposits and the Trans-Alaska Pipeline greatly improved Alaska’s economy. In 1974, Jay Hammond was elected governor. He established the ‘Alaska Permanent Fund’ in 1976 with oil revenues for future generations with the idea that oil reserves could be depleted at any time. According to it, 25 percent of the oil royalty should go to the Public Savings Fund. The amount that went into that fund was 65 billion dollars (about Rs. 5 lakh crore) by 2018. Six years later, a portion of the public savings fund was distributed to the people of Alaska. Steps have been taken to ensure that only those who have been in Alaska for a year can receive this assistance. In 1982 every eligible native received a thousand dollar check. After that, the dividend is paid after calculating the taxable income of the last five years of the Permanent Fund. In 1984, the Institute of Social and Economic Research (ISER) conducted a survey. According to it, 60 percent of Alaskans are happy with this plan.