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Monday, April 15, 2013

OOGA VP Says Ohio Severance Tax Proposal Equates to 1,500% Tax Increase for Oil & Gas Industry

From the Youngstown Vindicator:
In less than two years, Ohio’s emerging shale industry has brought a bounty of high-paying jobs and economic opportunities to the state, particularly to communities in eastern Ohio that have struggled economically for decades. 
According to a recent study conducted by the respected analytic firm IHS, Ohio currently has more than 38,000 jobs related to energy development within the state’s Utica shale formation — a number that is expected to grow to more than 140,000 by 2020. 
Now, with job numbers like those, one would think that the administration would put out the welcome mat for the energy companies that have invested billions to explore the Utica shale play. Instead the administration labeled those out-of-state businesses as “foreigners” and introduced a proposal to increase the severance tax on oil and gas production to keep said “foreigners” from taking profits made from Ohio’s natural resources out of the state.
Read the rest of this op-ed, written by Ohio Oil and Gas Association Vice President Thomas E. Stewart, by clicking here.

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