The problem with your theory in your erroneous analogy is that people who earn differently spend the same.  I guarantee you that someone making $100,000 isn't going to just spend $5,000, just like the person making $50,000 shouldn't be spending like they were making $100,000 (as your theory implies).  Do you see my point?     

Regardless, here are the options:  
1.  Do away with PFD and use that money to shore up the budget deficit. 
2.  Sales tax:  Everyone pays based on what they spend, not how much they make, and the tourists get to contribute.
3.  Income tax:  Everyone who works pays on what they make.  This creates more of a burden on those who work, but it also taxes the oil workers who don't live in the state.   

Which would YOU pick?  I think people need to contact their representatives and let them know.  After all, they should be representing us.