To the editor: If passed, Ballot Measure 1 will help restore our Constitutional Budget Reserve and will help ensure that money to support a reasonable PFD will continue to accumulate. If the measure is defeated, the oil companies will have staged another coup with their millions of dollars ad campaign and Alaska will continue to pay them to take our oil, reaping negative benefits from one of our most important natural resources.
The oil companies, and those whose livelihoods are in any way connected to them, are intent on telling Alaskans that increasing taxes on the oil they take from our legacy fields will cause them to pack up and leave. Nothing could be further from the truth. ConocoPhillips’ own accounting indicates Alaska North Slope oil is one of the largest, if not the largest, moneymaker they have anywhere in the world. Oil taxes for those fields are a third of the tax rates of most fields anywhere else worldwide. If we doubled the taxes, ours would still be below world averages.
Please don’t be fooled by the overblown rhetoric of the oil companies; they are sitting on a gold mine up there and are intent on keeping as much profit from it as possible to the long-term detriment of our state.
I urge you to vote yes on Ballot Measure 1.