Only $10 billion of the $60 billion in the fund is invested in US stocks, and only a small portion of that $10 billion is invested in energy stocks. So oil prices don't affect it much. Actually low energy costs probably help many of the other stocks. Retirement - http://knowledgecenter.csg.org/kc/system/files/Table_3.13.pdf  FY 2018 budget info - https://www.omb.alaska.gov/html/budget-report/fy2018-budget.html