Letter to the editor
Oct. 21, 2012
To the editor:
In the six years since the state of Alaska changed its oil tax policy to a net profit tax, ConocoPhillips has earned $12.3 billion in after-tax profits from our oil. That is according to Richard Fineberg’s article, “Oil profits weather ‘Hurricane,’” published in the Fairbanks Daily News-Miner on Oct. 13.
It is clearly defined in the Alaska Constitution as to who owns this oil: “The legislature shall provide for the utilization, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.”
How can Gov. Parnell justify giving ConocoPhillips an annual $2 billion tax break with no guarantees for new oil production or the creation of jobs? How can this giveaway to ConocoPhillips be to the maximum benefit of all Alaskans? Perhaps Gov. Parnell, who once worked for ConocoPhillips, envisions a modern day Alaska version of “Upstairs-Downstairs,” where he sees himself and his oil cronies as the guys upstairs and those of us who own the oil as the servants who live downstairs.
The only tax breaks that the oil industry should get are those that open up new fields, build new infrastructure and hire locally. Vote for those candidates who have the spine to stand up to Parnell and say no.