Word: oiled
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...Recent post: Upcoming conference call between Sarah Palin and oil company executives about the state's plan pipeline plans...
...resident is 2 1/2 times the national average; its spending, more than double. The trick is that Alaska's government spends money on its own citizens and taxes the rest of us to pay for it. Although Palin, like McCain, talks about liberating ourselves from dependence on foreign oil, there is no evidence that being dependent on Alaskan oil would be any more pleasant to the pocketbook...
...Alaska is, in essence, an adjunct member of OPEC. It has four different taxes on oil, which produce more than 89% of the state's unrestricted revenue. On average, three-quarters of the value of a barrel of oil is taken by the state government before that oil is permitted to leave the state. Alaska residents each get a yearly check for about $2,000 from oil revenues, plus an additional $1,200 pushed through by Palin last year to take advantage of rising oil prices. Any sympathy the governor of Alaska expresses for folks in the lower...
...thing Barack Obama and McCain disagree on is an oil windfall-profits tax. McCain is against it, on the theory that it is a tax and therefore bad, and also that it would discourage domestic production. Obama is for it, on the theory that if oil companies can make a nice profit when oil sells for $50 per bbl., they can still make a nice profit when it sells for more than $100, even if the government takes a bit and spreads the money around to those who are hurting from higher oil prices...
...Palin's words side with McCain in this dispute, her actions side with Obama. Her major legislative accomplishment has been to revamp Alaska's windfall-profits tax in order to increase the state's take. Alaska calls it a "clear and equitable share" tax. The state assumes that extracting oil from the tundra costs about $25 per bbl. and takes as much as 75% of the difference between that and the sale price...