Group proposes ballot measure to restore Alaska’s Fair Share of oil production revenues

by Alaska’s Fair Share

On Friday, August 16, a group of Alaskans came together to submit an initiative application for the Fair Share Act to be added to the 2020 ballot. If approved by voters, the Fair Share Act will increase Alaskans’ share of production revenues from the sale of our oil.

“Alaskans should receive their fair share from the sale of our oil,” states Robin Brena, one of the initiative committee members and the former Chair of Governor Walker’s Transition Subcommittee on Oil and Gas. “We are currently giving away $1-$2 billion per year in tax breaks for oil produced from our largest and most profitable fields. Alaskans need to get a better deal for our oil from these fields.”

Specifically, the Fair Share Act would:

Only apply to the largest and most profitable oil fields;

•Increase Alaskans’ share of our production revenues by $1 billion per year;

•Require producer filings based on the revenues and costs for each field to be public; and

•Permit commonsense solutions for funding essential services, capital projects, and our PFDs.

“We should not be giving away tax breaks and credits when we are unable to fund essential services such as education, universities, senior services, public safety, rural electrical equalization, and the ferry system,” said Jane Angvik, one of the initiative committee members and a member of Alaska Women’s Hall of Fame for her long history of public service to Alaska. “I’m proud the Fair Share Act will begin the conversation with Alaskans toward finding more balanced and commonsense solutions that permit us to invest in the future of Alaska,” said Angvik.

“The Fair Share Act represents a commonsense solution for our budget deficit,” stated Merrick Peirce, one of the initiative committee members and the former CFO for the Alaska Gasline Port Authority and a member of Governor Palin’s Transition Team, which laid out the groundwork for Alaska’s Clear and Equitable Share (ACES). “We should be doing much better than we are, and if we are able to keep more of our production revenues within Alaska, it should help our economy, save and create more jobs for Alaskans, help fund capital projects throughout Alaska, and help fund our PFDs,” said Peirce.

The Fair Share Act will increase Alaskans’ share of the production revenues collected from the sale of oil from the largest and most profitable oil fields on the North Slope. The “Vote Yes for Alaska’s Fair Share” campaign believes the Fair Share Act will end unnecessary tax breaks, be a commonsense solution for Alaska’s fiscal deficit, and create a better future for Alaska.

For more information about the “Vote Yes for Alaska’s Fair Share” campaign or to read the initiative language, visit voteyesforalaskasfairshare.com.

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