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  • stakeholder_9999 stakeholder_9999 Apr 6, 2013 5:47 AM Flag

    Protests across Andrew Lundquist's Alaska

    Opponents of Gov. Parnell's oil tax cuts rally across Alaska against SB-21 the OIL Tax and corrupt the political influence of the oil industry.

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    Opponents of Parnell's oil tax cuts rally across Alaska

    Published: April 4, 2013

    Anchorage Daily News

    By LISA DEMER

    All over Alaska Thursday, upset people chanted, waved signs, and rallied against Gov. Sean Parnell's oil tax cuts, a version of which is moving through the Legislature.

    The events were organized or inspired by Backbone, a watchdog group that opposes the political influence of the oil industry.

    Read more

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    • stupid people do stupid things, if they are successful the alaskan pipeline could close down and really cut into their paychecks, their over taxation has almost closed it down to less than 50% flow now due to lower amounts of production and exploration which flows to where money can be made. They will tax themselves to oblivion with new sources of energy so cheap in the lower 48

      • 1 Reply to rlbeard6734
      • Andrew Lundquist's Alaska

        The three largest oil producers on the North Slope—BP, ConocoPhillips and ExxonMobil—have blamed part of the production decline on the tax structure known as "Alaska's Clear and Equitable Share" or ACES. The tax is the signature 2007 legislation of former Governor Sarah Palin, a Republican who pushed through the policy by harnessing populist resentment over federal corruption investigations that led to indictments of six Republican state senators, the late U.S. Senator Ted Stevens, and executives from the oilfield services contractor VECO Corp.

        The tax increase has been a windfall for the state, despite declining oil production. While many other states face budget deficits due to years of economic decline, Alaska, among the least populous states, put away $17 billion in a rainy day fund with no state income or sales tax. With tax reform expected to become law this year, Democratic senators say those days are finished. "We will burn through those savings in the next few years," said Hollis French, an Anchorage Democrat.

        The Palin-era tax flooded the state with cash, but oil industry representatives say ACES has discouraged investment in Alaska's so-called legacy oilfields. In March testimony to the state Senate, ExxonMobil's tax attorney Dan Seckers called ACES a "major disincentive" to investing in production of the more than 5 billion barrels of oil that remain in the North Slope. "Without meaningful tax reform . . . Alaska can expect production declines to continue," Seckers said.

 
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