Landmarks in Permanent Fund history: 1968 - 1977 period

1968 - 1977 / 1980 - 1990 / 1991 - 2001 / 2002 - present

1968

Atlantic Richfield pumps oil from exploratory well at Prudhoe; recoverable reserves of oil estimated at 9.6 billion barrels. State budget exceeds $100 million for the first time. The population of Alaska is just under 300,000.

1969

September 10: Prudhoe Bay lease sale provides $900 million in lease bonuses to the State Treasury. Oil company representatives

1970

New revenues lead to the creation of many new state programs including the Student Loan and the Longevity Bonus programs.

First bill to establish a Permanent Fund introduced in the Legislature.

Alaska's population is 295,000.

1973

U.S. Congress passes the Trans Alaska Pipeline Authorization Act.

War in the Middle East in October causes oil prices to rise from $3 to $16 per barrel.

1974

Construction of the trans-Alaska pipeline begins. Construction lasts 39 months, costs $8 billion including the Marine Terminal in Valdez.

1975

First Permanent Fund bill passes the Legislature; Governor Hammond vetoes it and urges establishment of the Permanent Fund by amendment to the State Constitution.

1976

In November, Alaska voters, by a margin of 75,588 to 38,518, approve Constitutional amendment establishing the Permanent Fund.

Picture shows Gov. Jay Hammond with the 1976 legislature.

1977

February 28: the Permanent Fund receives first deposit of dedicated oil revenues: $734,00 0.

August 1: Oil tanker departs Valdez with first shipment of Prudhoe Bay oil.

Four years of debate begins about whether the Permanent Fund should be managed as a public trust or as an economic development bank. In 1980, the Fund is established as a public trust.