Our initiative to repeal the ELF (economic limit factor) tax breaks for the big North Slope oil producers was approved last week. Alaskans now have their first real opportunity to demand that politicians stop giving away our resources to corporate special interests. We can now restore the original deal made with the big oil producers, no more and no less, for the oil that every Alaskan owns. We're demanding fair compensation for our resources.
Alaska is the owner-state and Alaskans need to enforce the contracts made with the North Slope corporate operators. It's unfortunate that we continue to elect politicians who put corporate profits before the rights of every Alaskan, politicians who choose to increase taxes for Alaskans, deny benefits to Alaskans, and give the proceeds to their corporate special interests. The raids on the permanent fund earnings and breaking of our contract with Alaska's senior citizens by terminating the longevity bonus should never have occurred, while corporate operators receive hundreds of millions of dollars in tax breaks on top of billions of dollars in windfall profits.
Stop this injustice and work for a brighter future for all Alaskans. Article 8, Section 2 of the Alaskan Constitution states that all natural resources shall be utilized for the maximum benefit of all Alaskans. Support our initiative to restore just compensation for resources that all Alaskans own.