To the editor: Have you, like I, become aware of the huge number of professional blanket advertisements by Alaska’s Big 3 oil producers to rallying against the Alaska’s Fair Share Act ballot vote by the people of Alaska? This vote is an appeal to our Legislature to try to finally get our fair share of the profits the Big 3 are reaping while depleting Alaska’s oil reserves.
If you haven’t seen these ads, you are not watching your TV or spending any time on the internet.
Alaska’s Big 3 oil producers in Alaska — BP (Hilcorp) ExxonMobil and ConocoPhillips, the ones that control all of our exported oil — have dedicated over $10 million, so far, to fight against our vote for Alaska’s fair share. And why not? Since 2014, when the oil tax laws were drastically changed, they have gained added profits for their corporations and their stockholders of over a $1 billion a year. Obviously, to spend $10 million to guarantee an additional annual return of over $1 billion (that folks is 1,000 million) is only good business acumen.
And some still wonder why our permanent fund dividend is now about half of what it was in 2014.
Be aware when watching these advertisements that the presenters are not paying for these ads, but the oil companies are. So do they have a direct or indirect connection to the oil industry? Most definitely do. And a number are tying their COVID economic disaster to a taxation increase that is not even directed at their businesses.
The Big 3 are complaining that the tax increase to them is going to be a horrible 300%. So instead of their current 4% tax rate the 300% increase would be 12%. Big corporations are known to not pay their fair share of taxes, and the oil companies in Alaska are no exception.
Vote yes in November on Alaska’s Fair Share Act for a more equitable oil tax structure that is long overdue.