Because I was an adult at the beginning of or oil period and was born and raised in the territory of Alaska, I have an unusual perspective. Even tho Jay Hammond's last budget was quite high, $2.4 billion, if memory serves me right, it would have been sustainable had Alaskan's followed representative Oral Freeman's lead when he moved the first non-automatic perm fund deposit of $1.8 billion. Hammond was a Republican and Freeman a wise old Democrat. Freeman lost the primary in 1982 to Bill Sheffield and since then much foolishness has occurred. 

People rushing into our home in pursuit of wealth didn't bother to properly check out the situation and got their first bath of reality in 1985 with a little price crash. I thought at that point those folks would have learned, but not a chance; the next 30 years brought more looting by both modern Democrats and Republicans.. Some blaming Republicans forget names like Sheffield, Grussendorf, Jim Duncan, Steve Cowper, Tony Knowles: Democrats.