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




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