A recent book by Pauline Jones Luong (Brown University) and Erika Weinthal (Duke University) is a good read, with implications for Alaska. Oil Is Not a Curse: Ownership Structure and Institutions in Soviet Successor States, Cambridge University Press, 2010.
From the review in Foreign Affairs:
“Of the four types of ownership the book identifies, that in which the bulk of the oil or gas is under private title and management does the best, and the type in which the state displaces both private and foreign investors does the worst. The other two types, those with either a dominant role for foreign firms or with a division between state ownership and private management, fall in between, the former being better than the latter.”
Bottom Line: ACES had the effect of moving Alaska from the second “best” category (“dominant role for foreign firms”) to the third (“a division between state ownership and private management”). The Governor’s current proposed reform bill, H.B. 110, is a slight improvement, but does not restore Alaska to the second category.