If a moral question doesn't suit you, let's go for a legal one...
The People of The Great State of Alaska were smart enough to claim ownership of the oil resources of their state.
Proof?
Alaska Permanent Fund - Wikipedia, the free encyclopedia
Alaska has the largest land area of any of the 50 states exceeding the area of many countries. Its fewer than 700,000 people gives it the lowest population density of any state or country in the developed world. 97% of the land is government owned, and it is true that since oil exploration began there in the 1960's and the Alaska Permanent Fund was established, the state is retaining mineral rights to that land. The state does not own or claim any part of the mineral rights for most private property in Alaska, but private property in Alaska is a tiny tiny percentage of the whole. To compare how Alaska handles their mineral rights with states where most land is private property is not a fair comparison, legally, morally, or practically.
Now for your earlier 'moral question'. I am a modern conservative aka classical liberal basing my ideology and philosophy on certain principles advocated by John Locke, Adam Smith, and others. If a person is to be truly free, the person must be able to own, hold, and utilize the fruits of his own labor and that includes his property. Whenever government assumes the power to take whatever property it wants and give it to whomever it wants for whatever reason, there is no freedom, no personal liberty. There is no moral justification to confiscate wealth from Citizen A who ethically earned or acquired it and give that to Citizen B. To do so is certain to corrupt those in government who distribute the wealth and those who receive it from government. And that is immoral.