In 1910 when New Mexico became a state, they wrote that into their state constitution. They changed the language to read education and penal institutes. They manage it differently, but it has grown to over seven billion dollars. Ours has grown to twenty-five billion dollars in twenty years. There have been lots of different places in the world where there have been oil booms.
Different places handle it in different ways, regarding money.
Alberta, Canada has a Heritage Fund, if I remember correctly. From a practical standpoint if the state buys a phone company, the people in the state pay the phone bills, it goes to the state, and it creates no new wealth. This is something many people don't understand about Alaska's Permanent Fund. As of last year the greatest amount of money earned in this state was the Permanent Fund, even more than we got from the oil companies. This is an argument I've always made, it's better to have money working for you, than you working for money.