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Author	Topic: Without tax break, BP abandons Alaska heavy-oil project	Post a Reply Back to Topics

angel4me Champion Author San Jose Posts:2,814 Points:802,645 Joined:Dec 2010	Message Posted: Nov 24, 2012 12:04:41 AM Ignore angel4me Report Abuse So far, the debate over a state oil-tax cut hasn't gone the way Alaska's three major oil producers wanted, so one of them has announced it's scaling back pioneering-but-costly North Slope exploration. That's the takeaway from a Journal of Commerce article that says BP has announced plans to reduce investment in technically challenging efforts in Alaska's Arctic oil and gas fields, including shutting down an experimental heavy-oil production project on the North Slope. BP Alaska President John Minge blamed the Alaska Legislature's unwillingness to reduce its oil-production taxes to encourage long-term development, according to the article. “We have realized there is a certain mismatch in our strategy and it is time to take corrective steps. We have been too heavily focused on developing Visit Alaska Dispatch for full article

angel4me

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Message Posted: Nov 24, 2012 12:04:41 AM

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So far, the debate over a state oil-tax cut hasn't gone the way Alaska's three major oil producers wanted, so one of them has announced it's scaling back pioneering-but-costly North Slope exploration. That's the takeaway from a Journal of Commerce article that says BP has announced plans to reduce investment in technically challenging efforts in Alaska's Arctic oil and gas fields, including shutting down an experimental heavy-oil production project on the North Slope.

BP Alaska President John Minge blamed the Alaska Legislature's unwillingness to reduce its oil-production taxes to encourage long-term development, according to the article.

“We have realized there is a certain mismatch in our strategy and it is time to take corrective steps. We have been too heavily focused on developing
Visit Alaska Dispatch for full article

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drpepperTX Champion Author Texas Posts:9,165 Points:779,850 Joined:Apr 2011	Message Posted: Nov 26, 2012 11:36:57 AM Ignore drpepperTX Report Abuse Poor reporting.
NedW Champion Author Indianapolis Posts:5,755 Points:1,168,970 Joined:Mar 2008	Message Posted: Nov 26, 2012 8:02:54 AM Ignore NedW Report Abuse Taxes=cost of doing business. Who pays for that? The consumer does.
remay Champion Author Houston Posts:7,083 Points:2,144,190 Joined:May 2006	Message Posted: Nov 26, 2012 6:05:12 AM Ignore remay Report Abuse As if they needed one?
DrCashFlow Champion Author Massachusetts Posts:7,204 Points:1,654,785 Joined:Jun 2008	Message Posted: Nov 26, 2012 5:33:13 AM Ignore DrCashFlow Report Abuse if it's economic, do it. if it isn't don't.
mpg611 Champion Author Cleveland Posts:2,484 Points:597,770 Joined:Apr 2011	Message Posted: Nov 25, 2012 6:11:11 PM Ignore mpg611 Report Abuse Im surprised that a 'conservative' state such as Alaska wouldnt offer tax breaks. Then again, theres a difference between being an economic conservative and a social conservative.
exilion Champion Author Missouri Posts:10,025 Points:2,040,820 Joined:Aug 2003	Message Posted: Nov 25, 2012 10:37:14 AM Ignore exilion Report Abuse When they can't find oil elsewhere, they will be back.
jkpsr Champion Author New Jersey Posts:4,212 Points:1,128,890 Joined:Jun 2005	Message Posted: Nov 25, 2012 12:07:52 AM Ignore jkpsr Report Abuse Why should we give BP anything? We should own them after the gulf oil spill.
seeyardee Champion Author Sacramento Posts:9,242 Points:1,833,180 Joined:Apr 2008	Message Posted: Nov 25, 2012 12:07:32 AM Ignore seeyardee Report Abuse One less place BP can spill oil.
boatmen Champion Author New York Posts:3,207 Points:649,605 Joined:Jan 2011	Message Posted: Nov 25, 2012 12:05:37 AM Ignore boatmen Report Abuse Greedy biches
cheaper0ON Champion Author Ontario Posts:1,123 Points:425,755 Joined:Jan 2012	Message Posted: Nov 25, 2012 12:05:11 AM Ignore cheaper0ON Report Abuse Okay.
mrbee Champion Author Little Rock Posts:3,898 Points:2,494,285 Joined:Oct 2005	Message Posted: Nov 25, 2012 12:03:56 AM Ignore mrbee Report Abuse Not good.
PDQBlues Champion Author San Diego Posts:7,214 Points:1,476,025 Joined:Jan 2009	Message Posted: Nov 24, 2012 7:16:06 PM Ignore PDQBlues Report Abuse If BP cannot operate without tax breaks, then let the free market dictate its moves. Corporations like BP can do without our tax money.
nsdp Champion Author San Antonio Posts:1,117 Points:48,115 Joined:Jun 2012	Message Posted: Nov 24, 2012 1:12:43 PM Ignore nsdp Report Abuse No the unsaid issue is Aleyska Pipeline is now 35 years old. The probable oil available on the North Slope doesn't justify the cost of replacement unless you assume $150/barrel for oil. Does absolutely no good to do a bunch of exploration if you can't afford to get it to market. Also means China won't get it either johton. [Edited by: nsdp at 11/24/2012 1:14:50 PM EST]
ziyulu Champion Author Oklahoma City Posts:8,639 Points:1,630,575 Joined:Aug 2007	Message Posted: Nov 24, 2012 12:31:57 PM Ignore ziyulu Report Abuse They are abandoning it because they can't afford it after paying so much fines for the oil spill.
johton Champion Author Seattle Posts:1,355 Points:339,840 Joined:Jun 2012	Message Posted: Nov 24, 2012 12:22:55 PM Ignore johton Report Abuse Perfect, now China can move in!
mitt4prez Champion Author Tacoma Posts:1,888 Points:1,273,900 Joined:Nov 2007	Message Posted: Nov 24, 2012 12:22:34 PM Ignore mitt4prez Report Abuse This is how it hsould be.
fora_7 All-Star Author Montreal Posts:995 Points:233,825 Joined:Sep 2012	Message Posted: Nov 24, 2012 10:52:12 AM Ignore fora_7 Report Abuse Green Party will be happy
CityCouponer Champion Author New Orleans Posts:1,078 Points:229,805 Joined:Aug 2012	Message Posted: Nov 24, 2012 10:30:43 AM Ignore CityCouponer Report Abuse I'm not surprised.
ClarkSC Champion Author South Carolina Posts:3,219 Points:1,039,105 Joined:May 2010	Message Posted: Nov 24, 2012 10:24:28 AM Ignore ClarkSC Report Abuse Good!
APlus Champion Author San Antonio Posts:4,013 Points:1,011,020 Joined:Apr 2007	Message Posted: Nov 24, 2012 8:37:03 AM Ignore APlus Report Abuse Gas Businesses if they do choose to - must weigh the costs of getting the Gas vs what they can sell it for. If it costs to much to make and prices do not cover their actual costs with a profit - we do not do it.
Sneakers55 Champion Author Houston Posts:51,856 Points:2,169,420 Joined:Nov 2005	Message Posted: Nov 24, 2012 8:35:22 AM Ignore Sneakers55 Report Abuse On Nov 24, 2012 1:52:49 AM, pricewar wrote: >Obama knows how to extract blood from a turnip Since when did Obama have any effect in setting state tax rates? Of course, for those who hate Obama, anything is possible.
bar1035 Champion Author Charlotte Posts:9,343 Points:1,325,920 Joined:Aug 2006	Message Posted: Nov 24, 2012 8:32:24 AM Ignore bar1035 Report Abuse everyone wants a tax break these days. no different than apple and google
BBopp Champion Author Dayton Posts:6,944 Points:1,956,930 Joined:Dec 2006	Message Posted: Nov 24, 2012 8:22:46 AM Ignore BBopp Report Abuse Why am I not surprised? BP was low on my list, I didn't think my opinion could drop any lower of them, but it did.
dandvicb Champion Author Bridgeport Posts:1,346 Points:1,102,015 Joined:Jul 2004	Message Posted: Nov 24, 2012 8:04:03 AM Ignore dandvicb Report Abuse they're making billons per month anyway!!
grandpadon28110 Champion Author Charlotte Posts:4,856 Points:1,170,010 Joined:Sep 2008	Message Posted: Nov 24, 2012 7:33:28 AM Ignore grandpadon28110 Report Abuse Ok.
yardslave Champion Author Oklahoma City Posts:2,697 Points:624,505 Joined:Dec 2005	Message Posted: Nov 24, 2012 7:11:01 AM Ignore yardslave Report Abuse Can't have an advantage ALL the time anymore....
Ltdc Champion Author Long Island Posts:7,350 Points:1,703,845 Joined:Jul 2007	Message Posted: Nov 24, 2012 7:07:51 AM Ignore Ltdc Report Abuse And so it goes.
epf Champion Author Grand Rapids Posts:6,475 Points:1,919,035 Joined:May 2004	Message Posted: Nov 24, 2012 6:51:23 AM Ignore epf Report Abuse Hurray!
MN1 Champion Author Twin Cities Posts:3,499 Points:678,890 Joined:Jun 2011	Message Posted: Nov 24, 2012 6:43:09 AM Ignore MN1 Report Abuse Too bad.
FocusST2 Champion Author North Carolina Posts:8,283 Points:1,406,625 Joined:Jul 2009	Message Posted: Nov 24, 2012 6:14:27 AM Ignore FocusST2 Report Abuse The amount of money BP makes off of oil without tax breaks they're making money. Besides with all of the damage BP has created they don't deserve a tax break.
MImusicman Champion Author Michigan Posts:2,013 Points:435,975 Joined:Mar 2012	Message Posted: Nov 24, 2012 6:03:00 AM Ignore MImusicman Report Abuse Ugh
OHMS Champion Author Orange County Posts:13,866 Points:1,718,545 Joined:May 2005	Message Posted: Nov 24, 2012 5:01:57 AM Ignore OHMS Report Abuse heaven only knows who is right here
SkooterG Champion Author Phoenix Posts:1,369 Points:344,185 Joined:May 2012	Message Posted: Nov 24, 2012 4:20:35 AM Ignore SkooterG Report Abuse Tough here to figure out who the bad guy is.
OHMS Champion Author Orange County Posts:13,866 Points:1,718,545 Joined:May 2005	Message Posted: Nov 24, 2012 3:33:13 AM Ignore OHMS Report Abuse NO tax break?
LauraLea5 All-Star Author Ontario Posts:779 Points:439,085 Joined:Mar 2011	Message Posted: Nov 24, 2012 3:27:25 AM Ignore LauraLea5 Report Abuse okay
JohnofGB Champion Author Flint Posts:5,566 Points:1,124,870 Joined:Feb 2010	Message Posted: Nov 24, 2012 3:25:10 AM Ignore JohnofGB Report Abuse Don't let the door hit you in the butt.
pricewar Champion Author Ogden Posts:2,080 Points:302,715 Joined:Jul 2012	Message Posted: Nov 24, 2012 2:52:49 AM Ignore pricewar Report Abuse Obama knows how to extract blood from a turnip
Pozole Champion Author Portland Posts:9,766 Points:1,622,220 Joined:Mar 2005	Message Posted: Nov 24, 2012 2:22:51 AM Ignore Pozole Report Abuse ...I wouldn't trust them...
MrLefty0706 Champion Author Chicago Posts:1,588 Points:378,970 Joined:Apr 2012	Message Posted: Nov 24, 2012 1:27:00 AM Ignore MrLefty0706 Report Abuse There should not be any tax breaks for companies that make more than 10 billion in profit per quarter.
72_Monte Champion Author Twin Cities Posts:7,912 Points:2,024,160 Joined:Aug 2005	Message Posted: Nov 24, 2012 1:07:46 AM Ignore 72_Monte Report Abuse Can't make a bigger buck without that tax break, huh?
GasholeMI Champion Author Lansing Posts:10,279 Points:1,745,990 Joined:Jul 2008	Message Posted: Nov 24, 2012 1:05:56 AM Ignore GasholeMI Report Abuse A lot of hate for BP.
Zonk Champion Author Michigan Posts:6,626 Points:2,130,690 Joined:Oct 2005	Message Posted: Nov 24, 2012 1:00:53 AM Ignore Zonk Report Abuse I don't disagree with BP at all. Am really shocked that they are still in business.
humblepie Champion Author Toledo Posts:35,351 Points:2,399,070 Joined:Mar 2006	Message Posted: Nov 24, 2012 12:59:23 AM Ignore humblepie Report Abuse smart move
BinAlaska Rookie Author Alaska Posts:1 Points:270 Joined:Nov 2012	Message Posted: Nov 24, 2012 12:56:12 AM Ignore BinAlaska Report Abuse For Those who cannot read, it is Our STATE legislature here in Alaska that is not giving Tax Breaks, NOT the Federal Government.
kishoreCA Champion Author Ventura Posts:3,303 Points:420,595 Joined:Mar 2012	Message Posted: Nov 24, 2012 12:55:40 AM Ignore kishoreCA Report Abuse alaska is saved from a spill :-)
obimerrill Champion Author Cincinnati Posts:1,585 Points:318,390 Joined:Jul 2012	Message Posted: Nov 24, 2012 12:55:19 AM Ignore obimerrill Report Abuse Yep...and more to come in Obama's second term
Tiernan Champion Author Chicago Posts:3,620 Points:847,525 Joined:Sep 2005	Message Posted: Nov 24, 2012 12:54:24 AM Ignore Tiernan Report Abuse Serves em right!
Bezalel Champion Author Oklahoma City Posts:12,236 Points:2,318,375 Joined:Oct 2006	Message Posted: Nov 24, 2012 12:53:27 AM Ignore Bezalel Report Abuse "Maybe BP can't afford a big investment with all the fines they have been paying " Don't bet on that! They were making record profits very recently. They take a one time charge for the fine, raise prices, and they're back.
el_fr Champion Author Massachusetts Posts:3,477 Points:773,150 Joined:Apr 2011	Message Posted: Nov 24, 2012 12:49:20 AM Ignore el_fr Report Abuse No more subsidies
CatMan623 Champion Author Houston Posts:16,560 Points:2,371,270 Joined:Aug 2006	Message Posted: Nov 24, 2012 12:47:54 AM Ignore CatMan623 Report Abuse I'd just as soon BP didn't do any exploration work for a decade or two...