My theory is that it's caused by all the politicians bloviating about oil taxes. We were bombarded during the past legislature about how high taxes have reduced north slope oil activity and would be death of Alaska's cash cow unless significant reductions were made. Of course they ignored the fact that cheap oil shale in the lower forty-eight has made arctic oil exploration a marginal proposition. After the tax cut was passed (by a single vote in the state senate), a citizen's petition was started to repeal the law. This effort culminated successfully in late July amidst much political posturing on both sides as to the dire consequences of repeal. All this political rhetoric created so much hot air that rain clouds were diverted from Fairbanks and Anchorage, as both cities had a warmer and drier July than normal. Here's a weather bureau radar image during this time showing the storm clouds surrounding the now infamous Fairbanks hot air sucker hole.
But the real suckers are the ones who voted for these clowns. Too much hot air? Get rid of the lame politicians.