I'm glad you mentioned that production. 

When Norway launched their fund their oil production was lower and their pool of known reserves was lower than Alaska's production and our pool of reserves.



Norway has managed to increase their production while Alaska's has declined, with oil companies telling us that they can't operate here because we can't expect to tax them.

Their production is achieved with Norway taxing oil at rates much higher than ours.

Norway's fund was launched in 1990, today it is the largest in the world at about 885 billion.

Alaska's fund was launched in 1976 and stands at maybe 57 billion. 15 times less.
 
Alaska 25 billion barrels

Norway, you say, 29 billion.

Here's the key difference.

In Norway, the public sector has captured the vast majority of rent associated with resource extraction. 

In Alaska, the lion’s share has gone to the private sector.

The Alaska Permanent Fund’s long-term real rate of return for the period FY2007– FY2016 was 3.6 percent.