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Newsflash: In spite of its small population, Alaska produces...

This constraint addresses a historical reliance on the CBR, established in 1990 by voter approval of Article IX, Section 17 of the Alaska Constitution. The fund, which collects revenues from resolved mineral disputes post-July 1990, serves as a rainy-day account for state operations during deficits. With a current balance of approximately $2.9 billion, the CBR has been tapped repeatedly, including recent controversies over a $50 million investment in private equity, which critics argue undermines its liquidity for emergencies. Since its inception, the fund has received about $5.6 billion in deposits and earned $1.9 billion in revenues, but draws totaling $5.1 billion have highlighted Alaska's structural deficits amid fluctuating oil prices.

In the frigid air of Lake Placid, New York,...