“Back in 1976, a year before the spigot opened on the 800-mile pipeline, Alaska created a fund to forever share the impending oil bonanza with all state residents,” Michael Winter reports for USA Today. “Today, that fund reported it had hit a record $40.1 billion.”
“Come Oct. 6, Alaskans can expect to share about $800 million in the annual dividend paid out by the Alaska Permanent Fund,” Winter reports. “The payout last year was $1,281 per person.”
Winter reports, “But despite profiting mightily from the messy old-economy product of pipeline majority owner ExxonMobil, the fund’s biggest boost in the just-ended fiscal year came from the clean tech of Silicon Valley — Apple Inc., which tops the investment fund’s stock holdings. Stocks comprise about 50% of the fund’s total value.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “ChiMac” for the heads up.]