Action Alert: SB 21-Encouraging Increased Oil Production
Who: Alaska Chamber Members
What: Public Testimony on SB 21 - Encouraging Increased Oil Production
Why: Secure Alaska's economic future
When: 5:30-7:30pm Tuesday, January 29 and Thursday, January
On Tuesday testimony will be heard from the Legislative Information Offices (LIO) in Anchorage, Fairbanks, Mat-Su, Kotzebue, Nome, Tok, Valdez and Unalaska.
On Thursday, testimony will be heard from LIOs in Seward, Ketchikan, Sitka, Petersburg, Wrangell, Barrow, Bethel, Cordova, Delta Junction, Dillingham, Glennallen and Juneau.
Where: Juneau - BELTZ 105 (TSBldg) and LIOs (List Here)
How: Plan to attend the hearing in your community and provide brief testimony.
Alaska's economic future is at stake and our economy relies on oil and gas. To increase long-term jobs and provide a sustainable economy for the state we need oil production to increase. In order for production to increase, Alaska needs the right mix of policies in place to drive investment to Alaska.
- We support the Governor's four key principles that tax reform: 1) must be fair to Alaskans, 2) must encourage new production, 3) must be simple, and 4) must be durable for the long term.
- Alaska's economic future is at state and our economy relies on oil and gas. To increase long-term jobs we need to increase production today, which is more important than the state making more money through high tax rates today.
- Alaska is about to become the fourth largest oil producing state in the United States. Right behind California. This is unacceptable. In 2012, Alaska's oil production averaged 547,000 barrels per day (bpd).
- Tax policy does have an effect on the oil and gas industry. Alaska's tax policy should generate more production from new fields and legacy fields alike.
- Exploration does not guarantee production. Companies currently exploring in Alaska, such as Repsol, support a change in the production tax structure.
- It takes an average of at least between 5 to 7 years to reach production if an exploration well is successful.
- Increased production would increase the health and viability of the Trans-Alaska Pipeline System (TAPS).
Alaska Chamber's Reform Oil Tax Policy to Encourage New Oil Production Position
Posted: January 29, 2013