Wielechowski said in a news release that ConocoPhillips reported profits of nearly $28 a barrel in Alaska, compared to less than $11 per barrel equivalent in the Lower 48, "and yet we hear time and time again that our tax rate is too high. That just doesn't make sense, even when you consider that they are producing more gas down south."
Lowman called that comparison inaccurate, saying 75 percent of the company's production in the Lower 48 is comprised of lower-value natural gas and natural gas liquids, while 96 percent of production in Alaska is high value crude oil.
Wielechowski has said he is open to tweaks to the current tax structure. He and other minority Senate Democrats are expected to propose their own plan aimed at increasing oil production.
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