Yes, but why do the oil and minerals belong to the people who just happen to live in Alaska RIGHT NOW. This is the concept I’m having a hard time with.
It’s very simple. The “people of Alaska” decided to do it that way by incorporating that (”we” all State residents own the mineral in the ground) into their State “Constitution”. You can debate the merits of whether that is a ‘wise’ thing or not, but if it’s part of the Constitution, then it is not debatable “policy”. It’s black and white. No arguments, unless you change the State Constitution.