Alaska Senate Democrats
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No Reduction Without More Production

IMPORTANT POINTS:

  • Any oil tax reform shouldn’t BREAK THE BANK. Alaskans want a good deal for our resources. If we give up revenue we want more investment, more wells, more jobs and more oil in the pipeline. Unfortunately the Governor’s bill does nothing to assure more investment on the North Slope.
  • Keep ACES intact, with modifications made for more investment. Any oil tax reduction should TARGET NEW PRODUCTION, and invite competition to the North Slope
  • If we give up something, we must get something in return. Any oil tax reform should ENSURE A FAIR STATE AND INDUSTRY SPLIT AT EXTREME PRICES
  • Don’t eliminate progressivity: Alaskans want their fair share of our oil when prices are high and we are paying more to heat our homes and operate our vehicles.
  • Give producers tax breaks for:
    • New pools of oil in old fields
    • New oil that reverses the production decline
    • Production of heavy oil or unconventional oil
  • We need New/More Competition on the Slope, don’t pull the rug out from under new producers: The Governor’s proposal eliminates the “net operating loss” credit. This hurts independent explorers and producers. It is exciting to see so many new exploration and development companies coming to Alaska. We should be encouraging independents and the development of unconventional oil.
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