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Extra Edition - Brena Misleads Alaskans.Again


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The statement repeatedly made by Robin Brena, the Governor's close ally and advisor, that state petroleum revenues as a percentage of gross market value have been 33% is just not true. 

 

See the chart below. State Department of Revenue data shows that state petroleum revenue as a percentage of gross market value has averaged 23% since 1978. If we exclude the years ACES was in place, it was roughly 20%. These figures include royalties going to the Permanent Fund.  

 

 

Brena must be watched, and held accountable for false statements:

 

  • He cherry picks different facts, figures and methodology to support his incorrect statements:
     
    • The Department of Revenue's 2016 Spring Forecast puts Alaska's 2017 oil production at 507,000 barrels with a price of $38.89, but Brena uses 521,000 barrels at $56.24 to reach $10.7 billion in gross sales, thereby reaching his $3.6 billion "one-third is our fair share" figure.
       
    • If he were to be consistent and use the most recent forecast, the value would be $7.19 billion in gross sales, so one-third would be $2.37 billion.
       
    • Brena claims Alaska's net petroleum revenue will be $704.7 million in 2017 - but this number includes only the unrestricted revenue. The rest of the story? Total petroleum revenue to the state for 2017 is projected to be $1.02 billion.
       

Why does Brena, a top political contributor to anti-business political candidates, deliberately mix and match numbers?
 

We'll leave that up for the informed reader to decide.  

AK Headlamp
A project of the Alaska Support Industry Alliance
3301 C Street
Anchorage, AK 99503

 

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