Several points to consider when interjecting "Alaska Oil" and "Sarah Palin"...
- Sarah Palin single-handedly took a confirmed "corrupt" state industry (comprised of capitalist and government forces), and turned it on it's head by reforming it's revenue structure and providing public transparency to be benefit of it's citizens. That cannot be disputed.
- Sarah Palin took this effort in the right direction. The legislation as "ACES". Was it "PERFECT"? No, because nothing in this world is (except the exceptional "Diamond"). But, she she did REVERSE THINGS in the right direction as far as it was politically possible.
- The "ALASKA CONSTITUTION" (unlike those of other states) proclaims the "oil" (i.e. "minerals") to be the property of the State/Citizens. This makes the STATE/CITIZENS the "OWNER" of the oil (Mineral), and so they become the "SELLER" of this oil. As the "Seller" they (STATE) get to decide "WHO" they sell to (Leases) and "HOW MUCH" to charge (call them "Fees", "Taxes", "Charges" less "Credits", "Tax Breaks", etc...), and to what "END" they apply these "REVENUES" (Dividend Checks / Savings applied to future obligations "DEBT", etc...).
- As the "OWNER" of this Oil, the STATE needs to make sure that they get the best return on their ASSET, but at the same time being mindful that you need to have competitive incentives for private industry to INVEST and DEVELOP this resource for the longterm. This is what the current debate is about. See the Report just commissioned this year issued by 'Commonwealth North'.
That is a good report. Here is the direct link to the source rather than through some blog with ads.
http://www.commonwealthnorth.org/documents_cwnorth/Final%20OITS%20Report%203-15-11.pdf
That report highlights how the Tax enacted under Governor Palin is too high and needs to be reduced. On page 4:
Recommendations
1. Alaska’s current oil tax structure under Alaska’s Clear and Equitable Share must be made more competitive in order to encourage oil profits to be reinvested in Alaska. The progressivity tax should be reduced and/or capped.
2. Alaska should continue to encourage exploration for new oil reserves through tax credits and incentive programs.
3. The Governor and the Legislature must make oil production a matter of highest priority. The Legislature must pass revisions to ACES this year. If it takes a special session, hold one.