BP Alaska President Supports Oil Tax Break

John Minge, BP Alaska President, talked to Alaska lawmakers today—promising that by lowering taxes it will bring more investment from producers.

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By KTVA CBS 11

Story Created: Apr 14, 2011 at 7:27 PM AKDT

Story Updated: Apr 15, 2011 at 3:57 PM AKDT

Oil giant BP added its voice to the growing debate over proposed cuts to the state’s oil tax structure, Alaska’s Clear And Equitable Share, or ACES.

Alaska Exploration President John Mingé addressed about 200 supporters at a Ship Creek warehouse Thursday afternoon.

Mingé says if Gov. Sean Parnell’s proposed changes are passed, the state can expect a renewed flurry of investment by producers.

His remarks come less than a week after ConocoPhillips Alaska CEO Jim Mulva said his company would invest up to five billion dollars in the state before the year 2020, providing the tax changes make it through the Legislature.

Mingé says that number would be even higher and staked his career on claims that lower taxes will help, not hurt, the state.

The tax package passed the State House, but died in the Senate and will remained tabled for the remainder of this session.

Carlile of Alaska President Linda Leary says her trucking company could be looking for a lower economic gear if the Legislature does nothing on oil taxes. She claims her business has lost twenty percent of its revenue since ACES rates were reset in 2008.

BP says it will continue to press both lawmakers and Alaska residents to lower oil and gas taxes, but warns time is running out to save thousands of local jobs and millions in earnings for Alaska companies.

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SitNSpin said on Thursday, Apr 14 at 8:34 PM

Is it me or does it smells like someone just dumped a truck load of BS on our laps. And has anyone done the math on how much investment it would take to replace the money we lost in all of this?

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Anonymous said on Friday, Apr 15 at 8:03 AM

They want a tax break give them one after a certain number of barrels flows through the pipeline!!!

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Jerry said on Sunday, Apr 17 at 3:42 PM

-this potential investment would have both under the current ACES tax system and under HB110. “I’m heartened by ConocoPhillips’ ongoing interest in Alaska,” said Sen. Wielechowski, “but we need to focus on the bottom line results under each scenario. After crunching these numbers, it appears passing the Governor’s proposal to induce this level of investment would cost the state billions.”

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