Oil industry says no to Senate's oil tax plan

[Arctic Dave]

Oil industry officials panned the Senate's oil tax plan Friday, saying it raises taxes at certain prices, complicates the tax structure and won't lead to the kind of investment the state wants to boost oil production.

BP Alaska proposed changes to SB192 in testimony before the Senate Finance Committee. The company's head of finance for developments and resources, Damian Bilbao, said its proposed changes would have the same punch as Gov. Sean Parnell's tax cut plan -- what BP and others in the industry see as meaningful tax change.
That means at $120-a-barrel oil, Alaska would lose $2 billion in revenue, compared with $277 million under the Senate plan, committee co-chairman Bert Stedman said. He said some senators think the Senate plan gives away too much money as is.
He said he would have been surprised if the companies didn't support a bigger tax cut.

Read more here: http://www.adn.com/2012/04/06/2410553/senate-oil-tax-plan-complicates.html#storylink=cpy



THE OIL CORPORATIONS SAY?!!!