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'New oil' vs. 'old oil' is issue for state
http://www.adn.com/2014/02/23/3341643/new-oil-vs-old-oil-is-issue-for.html'New oil' vs. 'old oil' is issue for state
By Tim Bradner
Economy
By TIM BRADNER
February 23, 2014
With all the political acrimony over oil taxes in the last two years, it's amazing there are a few things that Democrats, Republicans and the petroleum industry actually agree on.
One is that the former oil tax, known as ACES, had problems and needed to be fixed. It was over the "fixes" that people disagreed.
Second, Democrats and Republicans agreed widely that oil from new oil deposits (so-called "new oil"
deserved a tax break.
There was sharp disagreement, however, over whether or how the tax reduction should apply to the large existing fields and existing production ("old oil"
. Democrats argued the old fields were profitable, the investment was sunk and those wells didn't need a break.