From the very first source. If you can't do better than that, I'm not wasting my time.
http://carywesberry.blogtownhall.com/2008/08/31/the_facts_on_gov_sarah_palins_oil_tax_in_alaska_-_reversing_corruption.thtml
25 percent tax on net profits, or the value of the oil minus operating expenses and pipeline and tanker charges. That compares with the 22.5 percent Petroleum Profits Tax passed in 2006. The tax rate rises when oil prices are high.
There's a pretty weak confession of the truth- a windfall profits tax. There is no defense for it. It is the same thing the Democrats want to do nation wide.
There are none so blind as those who will not see.