SitNews - Stories in the News - Ketchikan, Alaska

Viewpoints: Letters / Opinions

Alaska's oil company owned legislature

By Ray Metcalfe

 

April 21, 2017
Friday PM


Letter to Editor:
 
Absent from Alaska's budget debate are comparisons of owner/producer profit sharing agreements in other oil producing countries. How do we compare? The big three want this question off the table. Our news outlets suffer a painful withholding of advertising revenue any time they address this issue.

According to ConocoPhillips' unaudited report, they were netting over $17 per barrel from last quarter's Alaska production. The way things work on the North Slope, If Conoco was making $17 so was BP and Exxon. I have studied international oil tax policies for over thirty years. I highly doubt that BP, Conoco, or Exxon can point to another country that lets them keep more than $5 per barrel in today's market. It is a fact BP, Conoco, and Exxon produce oil in exchange for cost plus $1 profit per barrel in several countries.

Last quarter Alaska produced about 46 million barrels. Had we kept $12 of the $17 and let them keep $5, they would have cried all the way to the bank, and continued producing. Alaska would have received an additional $550 million for the quarter. Four quarters of the same would add up to $2.2 Billion. Passing an income tax will take the pressure off of our oil company owned legislature to get your rightful share of profits from our state owned oil.

Ray Metcalfe
Anchorage, Alaska

 

About: "Ray Metcalfe is the former legislator/whistle blower who exposed VECO Owner Bill Allen for bribing several legislators to vote against higher oil taxes."

Received April 21, 2017 - Published April 21, 2017

 

 

 

Viewpoints - Opinion Letters:

Webmail Your Opinion Letter to the Editor

 

Representations of fact and opinions in letters are solely those of the author.
The opinions of the author do not represent the opinions of Sitnews.

E-mail your letters & opinions to editor@sitnews.us
Your full name, city and state are required for letter publication.

Published letters become the property of SitNews.

SitNews ©2016
Stories In The News
Ketchikan, Alaska

Articles & photographs that appear in SitNews may be protected by copyright and may not be reprinted without written permission from and payment of any required fees to the proper sources.

E-mail your news & photos to editor@sitnews.us

Photographers choosing to submit photographs for publication to SitNews are in doing so granting their permission for publication and for archiving. SitNews does not sell photographs. All requests for purchasing a photograph will be emailed to the photographer.