Market Commentary and Intraday News
Major oil companies to testify on oil tax change
633 days agoGet Ready for Dow 31,000--free Report reveals what to do NOW
Select stocks are about to post explosive gains of 300%, 400%, 500% and more. Investors who make the right moves now will become extremely rich. Which stocks will explode higher in value? And most importantly, how can you get in on this once-in-a-lifetime, wealth-building opportunity? My astonishing report names the stocks that could multiply your money up to seven times over as the Dow more than doubles over the next three years.
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 This material may not be published, broadcast, rewritten or redistributed.