Market Commentary and Intraday News
Major oil companies to testify on oil tax change
577 days agoTrading Index Futures
FREE Webinar will assist you in identifying good technical trade setups on the charts and the key components of your entry and risk in this market. Index futures are very technical in nature and are traded by professionals around the globe. Learn the index futures market and understand what you need to know when trading these instruments. Learn the Gap trade strategy to help build consistency in this market.
Click Here For Details
By BECKY BOHRER
(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 This material may not be published, broadcast, rewritten or redistributed.