Saturday, September 18, 2021

Play

Hundreds of wealthy Americans back the Biden Build Back Better Act; Roger Stone is served with a warrant on live radio; and family caregivers are in need of assistance.

Play

Virginia gubernatorial candidates debate; former federal prosecutor Michael Sussmann indicted for lying to FBI; lawmakers set to question oil industry over climate disinformation; and FDA scientists express skepticism over booster shots.

Play

Lawsuits stall debt relief for America's Black farmers; Idaho hospitals using "critical care" protocols; grant money boosts rural towns in Utah and more conservation acreage could protect the iconic sage grouse.

Critics Warn: Cutting Oil/Gas Tax Won't Increase Production

Play

Monday, February 22, 2021   

CHEYENNE, Wyo. -- Wyoming lawmakers are considering a bill that would cut severance taxes paid by oil and gas companies from 6% to 3%.

Proponents argue the move will attract new drilling to the state as the industry rebounds from last year's oil-price crash.

Sen. Cale Case, R-Lander, agreed the mineral industry is an important partner, but said as the owners of the minerals, now is not the time to give up more of the state's share of revenues.

According to the bill's fiscal note, the state stands to lose $13.5 million annually.

"Our change in taxes won't make any difference," Case contended. "This bill just leaves money on the table, and I really don't believe - and our studies that we've done show - that it won't change future behavior."

Case chairs the Senate Revenue Committee, and said House Bill 11 would make it even harder to address the state's $750 million budget deficit.

Gov. Mark Gordon believes the move will help the oil and gas industry as it faces restrictions under the Biden administration.

Industry groups claim the measure will help Wyoming compete for drilling projects against states with lower overall costs, including North Dakota, Oklahoma and Texas.

Case pointed to two studies, one prompted by Wyoming's House Minerals Committee, that came to the same conclusion: Cutting severance taxes simply reduces revenue and doesn't boost production or increase employment.

"The two biggest drivers in terms of why people produce in a particular region are the geology and the prices of what they can sell the product for," Case outlined.

Wyoming lawmakers reduced severance taxes during last year's downturn in oil prices with House Bill 243, where exemptions are triggered if the price of oil drops below $50 a barrel.

Case added he's especially troubled that House Bill 11 would cut the state's share of revenues when prices climb above $45 a barrel. If the proposal becomes law, producers would be able to claim exemptions when prices are low, and high.


get more stories like this via email

A panel of House Democrats proposes raising $2.9 trillion in new taxes to pay for President Joe Biden's "Build Back Better" plan through higher tax rates for wealthy Americans. (Adobe Stock)

Social Issues

RICHMOND, Va. - As U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y., takes heat this week for attending a posh fundraiser in a dress that said "Tax the …


Environment

EAST TROY, Wis. - Wisconsin farmers are looking ahead to the fall harvest, and those who use cover crops face a deadline to sign up for a research …

Social Issues

SIOUX FALLS, S.D. - The pandemic is shining a new light on the burdens felt by family caregivers, and a bill in Congress would remove some of the …


Republican lawmakers across the country have proposed legislation to limit or forbid the teaching of such concepts as racial equity and white privilege. (Kelly Lacy/Pexels)

Social Issues

TALLAHASSEE, Fla. - State Rep. Randy Fine, R-Palm Bay, is lashing out against the idea of Critical Race Theory, filing a bill to ban its use in all …

Social Issues

PORTLAND, Ore. - Wealthy Americans have a message for Congress: Tax us more. More than 200 high-income taxpayers and business owners have sent an …

Better flood resiliency is top of mind in New York, after scenes like the Long Island Expressway's partial shutdown in Tropical Storm Ida. But who will pay for it? (Adobe Stock)

Social Issues

ALBANY, N.Y. - As a U.S. House committee debates the Biden administration's "Build Back Better" Act, a letter from more than 200 wealthy Americans …

Social Issues

By Sonali Kolhatkar for Yes! Media. Broadcast version by Lily Bohlke for Commonwealth News Service reporting for the YES! Media-Public News Service …

Environment

MANCHESTER, N.H. - Three New Hampshire professors are among those who've signed a letter urging the United Nations General Assembly to adopt what's …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member and audience-supported news source since 1996 Copyright 2021