A state that depends on oil revenues for 92 percent of its general fund cannot lose 200,000 barrels of production each day without facing economic ruin.
While every other oil province has prospered during this era of high oil prices, our failed oil tax policy known as ACES has delivered us billion-dollar deficits. Alaska lost out on the oil boom because our tax policy rendered us uncompetitive.
We have a new tax policy now that only rewards producers when they actually produce more oil. It’s a great step in the right direction and we must give this law time to work.