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Governor Parnell Pursues Plan to Fill Oil Pipeline

October 15, 2010, Anchorage, Alaska – Governor Sean Parnell today encouraged Alaska oil and gas companies to work with his administration to secure jobs and new production from North Slope resources.

Speaking to the Resource Development Council, Governor Parnell announced he will pursue a two-part plan to make Alaska oil exploration more competitive. The governor proposed capping progressivity at higher oil prices and offered tax credits for technically challenged fields to drive more early investment and jobs to the North Slope.

“We can be more competitive in oil exploration and development,” Governor Parnell said. “More oil means more jobs for Alaskans, more long-term revenue to the state, and lower TAPS tariffs per barrel. These resources, such as heavy oil, can serve as the primary new production source to stem the decline in North Slope production, and potentially increase production above today’s level.”

In setting forth his plan to spur new production by reducing taxes, the governor challenged companies interested in more favorable tax treatment to publicly demonstrate that these tax changes will drive increased investment and jobs for Alaskans.

“If Alaska business owners and employees join with other taxpayers – much like the Alaska travel industry did – we can create more jobs for Alaskans in the oil patch,” Governor Parnell added. “The only thing that I require is that industry, in the public forum of the Legislature, join me in making the compelling case for competitiveness and jobs for Alaskans.”

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