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Letter: Setting the record straight on SB 21

Posted: August 5, 2014 - 11:03pm

Let’s set the record straight. Those slick ads pretend oil fields already moving forward before SB 21 came into play are now the magic result of Gov. Sean Parnell’s massive Alaska oil share rollback. It’s time for facts, not fallacy.

First, investment and jobs grew under the prior law, ACES. That SB 21 “reversed” a mythical investment decline is false.

The fields companies claim are “new” were all being developed under ACES, and are all still in the development stage. North Slope jobs and the number of new oil companies all grew under ACES.

Last week, Exxon took reporters to Point Thomson, suggesting this field is “new.” False. Alaska took legal action against Exxon during ACES (and settled during ACES) to require Exxon to start producing this lease that it had illegally refused to develop for 30 years.

Scott Goldsmith, hired by Vote No folks, admits SB 21 gets Alaska near zero or negative production tax value for all post-2003 and future fields. Parnell’s folks admit in their latest report that production will fall more than 40 percent by 2023 under SB 21. That will mean less oil and crashing revenues.

Want to kill jobs? Zero-value oil will kill construction, teacher, Trooper and other jobs that support our economy.

Rep. Les Gara

D-Anchorage

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Art Petersen
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Art Petersen 08/09/14 - 07:47 am
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The reasons for

voting "Yes" on Ballot Measure 1 keep mounting. SB21 is based on the failed idea that cutting taxes increases investment and creates an economic tide that lifts all boats. But take a look at Kansas to see how tax cutting has sunk many boats and especially the Kansas ship of state. ... But back to the Rep. Gara's point: SB21 has produced no new investment and that claims for it are false. The main thing needed is to reduce the excessive part of ACES when oil prices are high. Voting "Yes" on Ballot Measure 1 sets the stage to benefit both sides.

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