All of the provisions of the initiative are important. Based on 50 years experience with Alaska’s oil tax, I believe three are particularly so.
- Getting the oil producers tax returns is essential. Alaska has tried unsuccessfully since before statehood to obtain those returns. Under the terms of the 2000 antitrust settlement we know that Alaska is the most profitable part of Conoco/Phillips entire business.
- Secondly setting a minimum tax is vital. Third applying the initiative tax to only the 3 legacy fields, Prudhoe, Kuparuk and Alpine, is very important. The initiative does not affect any other oil fields, does not affect Cook Inlet, does not affect native lands, does not affect private lands, does not affect federal lands, does not affect the profitability of the pipeline.
- For the last 5 years the 2013 severance tax written by Conoco/Phillips has produced no net income to the state and has cost Alaska thousands of jobs.
I enthusiastically support the Fair Share initiative.