From The Left:

OPINION: Democrats misleading public yet again on oil tax policy

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Based on their latest effort to mislead the public about oil tax policy, Democrats should be cheering the fact that North Slope production will miss its forecast by about 20,000 barrels per day in the 2019 fiscal year.

After all, according to former one-term Fairbanks state Sen. Joe Paskvan, the state is “paying” a credit of $8 per barrel for each one produced on the North Slope under Senate Bill 21, the production tax reform passed in 2013 that took effect and was upheld by voter referendum in 2014.

According to their current talking point, the state should now “save” $42.6 million in credits thanks to 14,600 fewer taxable barrels flowing through the Trans-Alaska Pipeline System each day.

The only problem with that is the most recent Spring Revenue Forecast released March 15 now projects that the miss on production for the fiscal year will actually reduce total unrestricted petroleum revenue by $75.6 million and require a larger draw on state savings to balance the budget.

 

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