Dix Communications - Gas & Oil
www.OhioGO.com
House considers a new ‘frack’ tax
Support and Criticism Industry groups are supporting the bill. In a released statement, Tom Stewart, executive vice president of the Ohio Oil and Gas Association, called the legislation “rational, substantive and good for Ohio.” “If passed, the package would also provide much needed clarity for oil and gas producers who have already invested heavily and plan to invest billions more to explore the state’s Utica Shale formation,” he said. “The ongoing debate about increasing the severance tax has created an air of uncertainty within the industry. Resolving this issue will allow oil and gas development to flourish in eastern Ohio, which will expand economic opportunity and job growth throughout the state.” Some House Democrats, however, remain opposed, saying lawmakers and the governor should push for a higher severance tax rate and use the proceeds to pay for more state inspectors to regulate the industry, plus provide a needed funding boost to schools and local governments. “Every other state that has found this black and gray gold has benefited, whether it was school systems or whether it was making sure that people are being treated fairly at the local level,” said Rep. Bob Hagan (D-Youngstown). “That’s what we want to do. ... This has been under our feet for over a million years in the eastern part of the state. We’re the ones that should be the biggest beneficiaries of it instead of giving it as a tax break....” mkovac@dixcom.com or Twitter at OhioCapitalBlog.
“If passed, the package would also provide much needed clarity for oil and gas producers who have already invested heavily and plan to invest billions more to explore the state’s Utica Shale formation.” – Tom Stewart
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