Natural resource extraction is a key component of many Western states’ economies and often generates a sizeable share of state revenue. However, natural resources are finite, the price of energy commodities is increasingly unpredictable, and revenues are volatile and tough for state forecasters to accurately predict. As a result, many states have created severance tax-based sovereign wealth funds to set aside a share of today’s revenue in order to generate investment earnings for state use in the future. This free CSG eCademy features Patrick Murray of The Pew Charitable Trusts, who presents findings and policy recommendations from a new research brief, including challenges and opportunities for state policymakers in energy-producing states.