No tax breaks for big oil

Letter to the editor

Posted: Friday, May 16, 2003

With an income tax pending and state coffers shrinking, why does the governor feel we should give $50 million per year in tax breaks to those who can most afford to pay?

Last September, Steve Marshall with BP Amoco announced "we've added 900 million barrels to reserves in our existing fields. That's where we've been successful, and that's where we're going to focus our effort and spend."

The oil industry is finally putting common sense with fiscal policy and opting not to invest in further exploration, but rather to make efficient the current infrastructure in order to realize profits. With these tax breaks every Alaskan will pay. Trickle-down economics does not work. CEOs continue to give themselves bonuses right and left just to lay off thousands or file bankruptcy.

These tactics leave wage earners more than trickled on but with no help in their finances.

Ken Jacobs


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