Guest Editorial

The Legislature is working toward the largest capital budget in a long time. Municipalities are hearing “yes” instead of years of “no” to some of their public works funding requests. In addition, more state money is headed to schools. And Alaskans are likely to get a check from the state this fall more than double the amount of last year’s Permanent Fund dividend.

All thanks to elevated oil prices — more than 50% higher than a year ago — and the large tax and royalty payments that are flowing to the treasury from North Slope oil producers.

Lawmakers know the stratospheric oil revenues are temp...