To the editor,
Since SB21 was put in place, the Alaska treasury — and we Alaskans — have seen a reduction in oil tax income of between one and two BILLION dollars per year. This governor refuses to discuss changing the sweet deal that SB21 handed to BigOil. The legislature remains silent on the issue with too many powerful leaders directly or indirectly financially benefiting from BigOil.
The only way we can expect to see the current tax schemes changed to provide Alaska with its Fair Share is by Initiative action.
“We are not getting a fair share of oil production revenues from our largest and most profitable fields. We are currently getting the smallest share from the sale of our oil in our history and are giving away $1 to $2 billion/yr in unnecessary tax breaks to the producers of our largest and most profitable fields,” said Robin Brena, a longtime oil and gas attorney.
“These massive tax breaks are resulting in Alaskans getting far less from the sale of our oil than in the past. In 2009, the price of our oil was $68.34 per barrel and our production share was $12.09 per barrel. In 2015, under the current tax breaks, the price of our oil averaged $72.58, but our production share was $2.01 per barrel — 1/6 as much as before. The tax breaks for production revenues have become so unfavorable that our share of the production revenues has been negative in three of the last five years.”
Transparency is necessary. The revenues, costs and profits of producing oil from our major fields must be clearly reported by all producers.
This Initiative requires full transparency of revenues, costs, and profits for each producer for each field.
Please visit the voteyesforalaskasfairshare.com website & Facebook page to become more informed