Updated: 2 a few minutes ago Published: 2 a few minutes ago

The latest developments in this election campaign remind us of the phrase often attributed to Mark Twain: “A lie can travel halfway around the world before the truth can take hold.” “We want to set the record straight and fight the lies that are being circulated about Alaska’s oil taxes.

In 2014, we joined more than 500 Alaska businesses and leaders across the state to oppose a ballot measure that would have reversed Alaska’s current oil tax structure (House Bill 21). Senate). This ballot measure failed because voters across our state – from Fairbanks to Anchorage to Utqiagvik – wanted to avoid returning to a time of dangerous decline in oil production that would have dealt a major blow to the state’s economy. Alaska.

Now, ten years later, the same old rhetoric of a long-denied “gift” to oil companies has resurfaced, coupled with outrageous claims that the current structure of oil taxation is somehow the reason why four Fairbanks schools are closing. We are proud to maintain our support for the oil tax reform adopted ten years ago. We’re doing this because the facts show it was the right decision for Alaska’s economic future.

The truth is obvious to anyone who takes the time to research it. Even despite tumultuous swings in oil prices and a global pandemic, Alaska’s oil production has not declined drastically under the current tax system reaffirmed by voters 10 years ago. Instead, we have maintained a tax system that has proven competitive and attractive to investors in high and low oil price environments, leading to increased activity, both in existing oil fields and in the new ones.

And this increased activity is bearing fruit today; oil production has stopped its free fall and stabilized over the past decade at just under 500,000 barrels per day. Even more interesting are the two major discovery wells drilled in the Pikka (2013) and Willow (2016) fields. Billions of dollars are currently being spent on these megaprojects, and these new deposits are expected to significantly increase the amount of oil flowing through the pipeline, with the state predicting that oil flow will reach 600,000 barrels per day by 2032, a level never before previously achieved. over 20 years old.

Increased production leads to more oil royalties, which means billions of dollars in direct deposits into the Permanent Fund. No other industry can remotely compare to oil’s direct contribution to dividend payments.

But let’s talk about the most important thing for Alaskans – especially for us as a former union leader and current small business owner – is spending, economic activity and jobs for Alaskans.

Today, industry spending supports more than 1,000 Alaska businesses. With the billions being spent on the North Slope now, some contractors say they’re busier than they were in the pipeline days nearly 50 years ago. Today, it is difficult for unions and employers to meet the demand for workers, a problem we welcome.

The last thing Alaska needs is to backtrack and stall the exciting momentum of growing our economy and creating new economic opportunities for Alaskans.

The resurgence of the oil industry is one of the strengths of Alaska’s economy today. Don’t be fooled by the lies broadcast over the airwaves in the final hours of this election season. Let’s continue Alaska’s growth, now and in the future.

Rick Boyles, Rick Mystrom, Linda Leary And Bob Berto were co-chairs of the successful 2014 No on 1 campaign. Boyles (Fairbanks/Anchorage) is the former leader of Alaska Teamsters Local 959, Mystrom (Anchorage) is a businessman and former mayor of Anchorage, and Leary (Anchorage) and Berto (Ketchikan) are small business owners.

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