Norway and Alaska started resource extraction at about the same time with an equivalent resource. Norway has 13 times more in their Sovereign Fund than Alaska has in the Permanent Fund. 
Alaska's corrupt bastards have essentially been giving away our oil for generations now in contrast to Norway's tax to the max policy.  
It's actually amazing to see how little it has taken to buy our legislators in comparison to the historical profits realized by the oil companies. A few thousand here and there in campaign funds, a job raise in pay, a new position for the wife or child, has reaped hundreds of millions in profits for the oil companies and their subcontractors.
Had enough yet Alaskans????