Monday, Noon: Gara To Tell Anchorage Chamber Guv’s Oil Giveaway Must Give Way To Better Plan That Will Work.

Representative Les Gara PRESS RELEASE • January 6, 2012
http://gara.akhouse.org • Contact: Les Gara • Representative_Les_Gara@legis.state.ak.us
Phone: 250-0106 • Fax: 269-0109 • House District 23

 
PRESS RELEASE
Monday, Noon: Gara To Tell Anchorage Chamber Guv’s Oil Giveaway Must Give Way To Better Plan That Will Work.
 
On Monday Rep. Les Gara will present to an audience that hasn’t heard the other side of the story on Governor Parnell’s oil tax bill: That it gives away billions, with no tangible benefit to Alaskans. The presentation at the Chamber’s Make it Monday forum will be at noon at the Dena’ina Convention Center in Anchorage.
 
“Last time we lowered taxes on oil companies, we had declining production, companies took their profits out of state, and we had 40% less investment and 40% percent fewer jobs. The Governor’s plan is more of the same corporate welfare. Rather than tell companies they can take his $1.8 billion in tax reductions out of state, which his plan allows, we should allow tax credits only if companies spend in Alaska on new exploration and new production,” said Gara, whose HB 231 includes those provisions.
 
When the Governor first presented his plan, he said we needed new production in new fields. “I agree we need new production in new fields. But BP and Exxon, in response to my questions at the House Finance Committee, said the Governor’s bill would not get them to explore new units. And Conoco was non-committal. Spending $8 billion over five years to not get what you need is insanity,” said Gara.
 
Companies will continue to spend on existing fields – but that won’t reverse the production decline.
 
Gara will also talk about the need to produce the state’s vast stores of heavy oil.
 
 
When: Monday, January 9th from 11:30 am to 1:00 pm
Where: Dena’ina Civic and Convention Center, 600 W. Seventh Ave.
What: Presentation to Anchorage Chamber of Commerce
 
 
The testimony from companies that they will not engage in new exploration in new units under the Governor’s plan is available here: http://www.akhouse.org/gara/010212_chamber_of_commerce.pdf
For more information, contact Rep. Gara at (907) 250-0106 or at Representative_Les_Gara@legis.state.ak.us
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