S&P 500
1983.53
+9.90 +0.50%
Dow Indu
17113.54
+61.81 +0.36%
Nasdaq
4456.63
+31.93 +0.72%
Crude Oil
102.10
-0.29 -0.28%
Gold
1307.11
-5.69 -0.43%
Euro
1.346675
-0.005925 -0.44%
US Dollar
80.781
+0.001 0.00%
Strong

Market Commentary and Intraday News

Major oil companies to testify on oil tax change

482 days ago

Powerful Fibonacci Patterns
One trader has focused on several powerful trade opportunities and is going to be detailing the charting technique used to forecast the moves with Fibonacci on Friday, July 25th at 1:15 PM EST. Learn: Using the Fibonacci Tool to Identify Wave Patterns, Understanding Retracement and Extension Points with Fibonacci - ABCD, and - Japanese Candlesticks and Time/Volume Relationships in the Market.
Click this link for access to this informative webinar.

By BECKY BOHRER
Associated Press

(AP:JUNEAU, Alaska) Executives with ConocoPhillips say a proposed overhaul of Alaska's oil tax structure is an improvement over the current system _ but doesn't go far enough toward creating an attractive investment climate.

ConocoPhillips, BP and Exxon Mobil Corp. were scheduled to testify Tuesday evening before the House Resources Committee. The panel is working on SB21, which is aimed at making Alaska more competitive and increasing production.

The bill narrowly passed the Senate. It would raise the base tax rate to 35 percent, provide a $5 credit for each taxable barrel of oil produced and provide a tax break for new oil.

ConocoPhillips executives, in their written presentation, say the tax rate would be too high. They say there needs to be greater clarity about what oil qualifies for the tax break.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

INO.com on Facebook INO.com MarketClub on Twitter INO.com on Google+ INO.com YouTube

© Copyright INO.com, Inc. All Rights Reserved.