Almost all Alaskans received a windfall of over $ 3,000 on Tuesday, the day the state began distributing payments from the Alaska Investment Fund, which was fueled with money from Alaska’s oil wealth. .
The payment, officially named the Alaska Permanent Fund (PFD for its initials in English), was $ 2,622, the highest amount in history. Alaska lawmakers added $ 662 as a one-time benefit to help residents with high energy costs.
Direct deposits started coming into bank accounts on Tuesday and for those who opted for a check, they will receive it later.
Residents use money in a variety of ways, whether it’s to buy large televisions, cars or something else, to go on vacation or to save or invest in college funds. In rural Alaska, the money can help offset huge fuel and food costs, like $ 14 for a 12-pack soda, $ 4 for a bunch of celery, and $ 3 for a small container of Greek yogurt.
“We are experiencing record inflation that we haven’t seen since the first PFD was paid in 1982,” Governor Mike Dunleavy said in a video. “The Alaskans have borne the brunt of this inflation from gas station to grocery store, and this year’s PFD will provide much-needed relief as we head into winter.”
Payments couldn’t be more timely for residents of the state’s vast west coast, which was hit by the remnants of Typhoon Merbok last weekend. Damage to homes and infrastructure was widespread along 1,609 kilometers (1,000 miles) of coastline.
The payment for oil wealth, which some in Alaska consider a right, usually comes from the fund’s investment account earnings. The diversified fund was created during the construction of the Alaska transatlantic pipeline in the 1970s and is now worth $ 73.6 billion.
–
