Tax breaks aren't enough for Big Oil

Posted: Sunday, March 07, 2010

Rep. Craig Johnson's proposed roll back on taxes for Big Oil is ridiculous! This resolves absolutely nothing, and will do little to promote further development in our oil and gas.

People need to understand this will only allow multinational oil conglomerates to stuff more money in their pockets, creating few if any jobs in the industry for Alaskans. Alaska just cannot compete with Middle Eastern and South American countries in development due to cheap labor. In addition, Big Oil is subjected to very little if any environmental regulation abroad. These are two very good reasons to do their development elsewhere.

Just as the trickle-down effect from 1980s Reagonomics, intended to create jobs for Americans, has dried up, so too is our development in Alaska due to cheap labor and lack of regulation elsewhere outside the United States. Now, if Alaska working class people lowered their living standards to those impoverished in the Middle East or South America, and we threw out most of or all of environmental regulations need for public safety, then we might see Big Oil returning to Alaska.

Encourage our government to increase taxes on multinational oil conglomerates on their overseas development. This in conjunction with a tax credit incentive policy here in Alaska may bring back big oil development. Just giving them a tax break is not going to do it. We all would like to shove more money in our pockets.

Mark L. Kline

Fairbanks



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