Wednesday, March 23, 2005

More on (Moron) Oil in Alaska

Just found this article on BBC News that claims that Alaska's economy is dependent upon the oil industry - uh... hello?: "Like Texas, no-one pays state income tax here. On top of that, each Alaskan man, woman and child gets a cheque every October for about $1,700 as a dividend from the state's oil money. Called the permanent fund, it can make a massive difference to the income of a family of four or more.

The fund was created in the 1970s. The state set aside a quarter of all oil royalties as a nest egg to be used as oil revenues declined. The fund is now worth about $22bn.

No wonder all the Alaskans are voting for Bush...

1 comment:

Anonymous said...

What's wrong with drilling in Alaska?
It's our oil, and we need it.