Commentary: There are bigger needs than fattening the dividend

Just as Russia’s invasion of Ukraine in 2022 drove oil prices higher — over $100 a barrel for several months — so too are the U.S. and Israeli attacks on Iran, and Iran’s counterattacks, sending prices upward.

Higher oil prices mean more money for the Alaska state treasury. After the annual draw on Permanent Fund earnings, the money from oil taxes and royalties, which are based on price per barrel and production, are the second-largest deposit to the state checkbook. Every other taxpayer is so small as to be a drop in the barrel.

Rising oil prices come as legislators are working to craft a spe...