The biggest area of government waste is per barrel tax subsidies the oil companies receive from every single barrel the produce. Last year this cost Alaskans $1.2 billion, and Ballot Measure 1 eliminates them and reinstates our constitutional obligation to use our natural resources for the maximum benefit of our [Read More...]
Thanks to our broken oil tax system, Alaska is facing a historic budget crisis that has already cost hundreds of Alaskans their jobs, devastated coastal communities through cuts to the Alaska Marine Highway, gutted the University of Alaska, and taken thousands of dollars from Alaskans’ PFDs. Unless we pass Alaska's [Read More...]
Under our broken oil tax system state revenue plunged, savings were plundered, essential services cut and the PFD reduced. Now we could not balance our state budget even if we laid off every state employee. Even if there were no PFD next year, Alaska will still have a budget deficit. [Read More...]
Jobs have been lost across Alaska’s economy due to the budget crisis caused by our broken oil tax system. Teachers, university staff, police, and firefighters have all lost their jobs through direct cuts and these cuts forced Alaska into an economic recession last year- long before the pandemic. Many more [Read More...]
When Alaska’s current oil tax system, SB 21, passed its backers made four promises: More oil production, more jobs, more money in the Permanent Fund, and economic growth in Alaska. All four proved false: oil production has continued to decline, oil jobs have decreased, Permanent Fund Dividends have been cut, [Read More...]
Since SB21, Big Oil has paid $2.0 billion in production taxes and we have paid and owe them $2.1 billion in cashable credits. You want to count what they pay us without counting what we have paid and owe to them. As we speak, we still owe $770 million in [Read More...]
Big Oil gets a screaming good deal on royalties in Alaska. Just compare us to the other oil producing states: Royalties Texas 25% Arkansas 25% Private Land Owners with major reserves 25% for past few decades Louisiana 21.9% 23.3% since 2000 Colorado 20% New Mexico 20% North Dakota 18.75% Federal [Read More...]
Alaskans own the oil. As an owner state, Alaskans are in a business partnership with our producers to explore for, develop, and sell our oil. Only one of our producers has an obligation to make public its financial performance in Alaska, and that producer does not break out its performance [Read More...]
Please explain why Alaskans should receive a higher share (or progressive share) of oil revenues when the price of oil or producer profits increase?
As the resource owner, Alaskans should receive a higher share as the price of oil or producer profits increase. Conversely, as the price of oil or producer profits decrease, Alaskans should receive a smaller share. As a matter of sound policy, this balances Alaskans’ interests with our producers’ interests by [Read More...]
Please explain how loopholes in the existing law will increase our current state deficit and are unfair to Alaskans and to new producers.
SB21 includes loopholes that decrease Alaskans’ share of production revenue and create an uneven playing field for new producers. These loopholes permit costs from unrelated fields to be deducted from our share of profits from the largest legacy fields. These loopholes are unfair to Alaskans and to new producers. For [Read More...]