Last night the Governor released his latest oil tax rollback bill. It maintains the worst part of last year’s bill, and makes it even more draconian. The largest part of the bill massively rolls back state revenue, and oil company taxes, with no commitment that companies spend that “reward” in Alaska. We’ve tried that before. Until 2006 our Production Tax was nearly 0% on almost every field on the North Slope, and what did we get for lower taxes that didn’t require Alaska investment and more Alaska production work? We got oil production that was declining between 5 – 8% a year, and 40% less investment in the North Slope than we have today. And a fraction of the new companies are exploring for new oil on the North Slope today.