Gas reserves tax, Point Thomson key to state’s future

Posted: Monday, October 16, 2006

If you want a gasline, you are going to have to force Exxon to develop Point Thomson; it is the keystone to any gasline. Exxon has sat on Point Thomson leases for thirty years and offered 22 development plans. The State was about to force development or take back Exxon’s Point Thomson leases until the Murkowski “Firings.”

Exxon has stalled the Prince William Sound fishermen in court for 17 years and Exxon could have stalled the development of Point Thomson in court without penalty until the appearance of the Gas Reserves Tax on this General Election ballot in November. The Gas Reserves Tax will cost Exxon and the other Point Thomson lease holders $250 million a year with over 10 percent interest compounded which would amount to more than $2.7 Billion in seven years if Exxon did not pay the taxes and were to take forfeiture of the leases and the Gas Reserves Tax to court. Exxon is stuck with the accumulated tax bill even if Exxon ultimately decides to surrender the leases. The Gas Reserves Tax is enough to obtain even Exxon’s attention.

If you want a the development of Point Thomson as I do or you want a gasline, any gasline, do not believe the oil companies and their shills, vote for proposition 2, the Gas Reserves Tax, and best interest of Alaska.

Jerry McCutcheon


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