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Thursday, March 27, 2014

Will Proposed Severance Tax Be Good or Bad for Ohio?

From the Salem News:
Gov. John Kasich's plan to drill into Ohio's gas and oil industry for new revenue remains controversial. His budget analysts and those working for the General Assembly differ substantially on how much money could be raised.
But whichever estimate is accepted, the amount is enormous. Legislative analysts say the 2.25 percent severance tax the state House of Representatives favors would bring in $231 million over three years. The state budget office, using the 2.75 percent rate favored by the governor, expects $874 million during the same amount of time.
Gas and oil drilling interests object to any increase, of course.
Clearly, East Ohio has become a mecca for drillers and gas processors. The region appears to be rich in the "wet" gas that is more lucrative because it contains valuable chemicals.
Read the whole article here. 

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