OIL & GAS.

It's late in the first quarter of 2022, which means a relatively new tradition is taking place in Juneau: the annual debate over the amount of the PFD, which before Alaska's five-year recession followed a well-established formula. As of publication, conversations about the October payout include the option of a $1,300 energy rebate in addition to a PFD of approximately equal size. To many of the state's political leaders, it's not enough money; to others it's too much. All of them are keenly aware that Alaskans are dealing with a tight housing market, sky-high gasoline prices, and out-of-control inflation. At the same time, Alaska's residents and businesses have been clamoring for years for a long-term, sustainable fiscal plan. So what's the magic number that best serves Alaskans of today and tomorrow, considering the unusual mix of tight budgets and high oil prices?

Conversations like this dominate legislative sessions and around-the-table conversations because of the state's long and enduring ties to the oil and...