Extra Edition: You can't squeeze blood from a turnip
'The numbers just aren't there'
Alaska DOR Commissioner Randall Hoffbeck
Alaska Department of Revenue
In the Administration's own words—DOR Commissioner Randy Hoffbeck:
"There are some people who can't get their head around it. There are some people who think there is enough money out there that we can go get it from the oil industry again.
The numbers just aren't there.
Part of it is that it's just a reality check of 30 to 40 years of a free ride.
People are having a little trouble adjusting to the reality is the oil industry is not going to be able to support everything anymore. It's taken a little while for people to get their head around it," from a Petroleum News Interview on January 22, 2017.
Tax Division Director Ken Alper says the proposed bill (similar to last session's SB 5005) hasn't really been modeled and would make it more difficult for projects to come on-line.
Hear his statement during the House Resources Committee hearing on February 1st by clicking here. The pertinent clip is at 7:43 pm of the hearing, and goes until roughly 7:45pm.
Headlamp encourages our readers to keep these statements in mind when the co-chairs of House Resources roll out their new oil tax bill today.
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