| Subject: Anothrer Democrat who never saw an opportunity |
Author:
Curmudgeon
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Date Posted: 10:00:06 11/11/06 Sat
In reply to:
DE
's message, "Still winning, AK shoots down oil tax..." on 04:36:20 11/10/06 Fri
to raise taxes he didn't like. Apparently he doesn't believe in our free markets. Hope he lost Tuesday.
>Alaskan Voters Say No to Oil Reserves Tax Initiative
>
>November 09, 2006 — By Matt Volz, Associated Press
>ANCHORAGE, Alaska — Alaska voters shot down a proposal
>to tax oil companies $1 billion a year until they
>build a pipeline to take the largest reserve of
>natural gas in the United States from the North Slope
>to Midwestern markets, election results showed on
>Wednesday.
>
>The tax would have been levied against the
>leaseholders of the North Slope's 35 trillion cubic
>feet of natural gas reserves until the gas starts
>flowing to market.
>
>Opponents of the measure say the tax would have killed
>the $25 billion pipeline project. Its proponents say
>it is the only way to force oil companies to build the
>pipeline.
>
>Would-be pipeline owners and gas reserves leaseholders
>Exxon Mobil Corp., BP PLC and ConocoPhillips say the
>tax would add another 50 percent to the cost of the
>project. Others in the oil industry believe it would
>discourage further exploration.
>
>If another company or a consortium built the pipeline,
>it would pay none of the tax, so there is no increase
>in the pipeline's cost, supporters say.
>
>With more than 98 percent of Alaskan precincts
>reporting, 66 percent of voters came out against the
>proposal.
>
>Democratic Rep. Eric Croft of Anchorage, the main
>sponsor of the initiative, interpreted the results as
>Alaskans wanting to give the oil companies operating
>in the state a chance to do good by committing to a
>gas pipeline.
>
>"Everybody wants a gas line, but they want to see if
>we can do it without taking out a big hammer," Croft
>said. "That's fair enough, I trust the people. We'll
>give that a try. But if these people continue to hold
>the gas hostage, we may see it again."
>
>The initiative would set a 3-cent tax on every 1,000
>cubic feet of proven natural gas reserves in Prudhoe
>Bay and Point Thomson that the leaseholders -- North
>Slope oil and gas producers -- don't extract and ship
>to market.
>
>When a pipeline is built, the tax would be repealed
>and a portion of the money collected from the oil
>companies would be refunded through credits.
>
>Source: Associated Press
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