Please look at this.... then ask where does all this money go?
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disgusted you are wrong and right, in ND you can own minerals without owning the surface and the State of ND owns the most minerals in the state by many times over. So yes the state does have many many oil wells, over 2000 of them the last report.
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In Alaska, the oil wells are NOT on private land, they are on land owned by the state and that is why the citizens get a share of the profits from the wells. That is not the same situation as the one we have here in ND
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ND voted to set aside the legacy fund till 2017. The state can not write a check to an individual per the Constitution. The government should never or nearly ever hold a slush fund. It should be returned to the people/businesses who sent money to the government in the first place. With the oil boom, infrastructure is ever changing, so in this case, I guess stteing aside the money for repairs and growth is a good idea. What is not a good idea is spending money like there is no tomorrow.
...and we will get SCREWED as usual!!
icart, why should "You" get a direct check????Are you a victim???? Or do you want the cities or land owner/mineral owner, that put up with it all, to share . I suppose you live in the Eastern part of the State. We are NOT Alaska.
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Well, we don't have to worry about the legacy fund... our "Representatives" just voted that we are apparently NOT RESPONSIBLE enough to even get a direct payment check...You know how "childish" we are!!! They are going to distribute it to us as "THEY SEE FIT"!! Which basically means, they are going to line their pockets and screw all of us!!
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The profits are shared by all the people who own shares, a few years ago most of the large investment groups including the government retirement programs channeled their investments into the oil market. Remember when oil went down a couple years ago and everybody lost half their money they had invested? Well hang on!
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Why are the oil companies lobbying for a reduction in oil extraction taxes and yet property taxes are rising for homeowners and landowners?
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Exxon, Chevron Made $71 Billion Profit In 2012 As Consumers Paid Record Gas Prices By Rebecca Leber on Feb 1, 2013 at 10:33 am
Why would you want to lower taxes on this industry? Taxes that fund roads,schools, infrastructure...The promise of lowering property taxes and stocking away a little for when ND returns to it's 150 year history of relative poverty.
Would they pack up and move to SD as I hear there's another Bakken there? There's not, but somewhere I suppose they'll leverage a deal and Big Oil's only real home is in Texas...The rest of the time their just visiting.
So why? In all this hurry to drill baby drill has something gone awry?
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I say raise it til they start pack it in, then lower it 1%.
Of coarse their profits are higher at higher prices per barrel, and I'm sure their costs are still the same as 10 years ago, the new equip.has not risen in price,new regs.have not caused any increase in costs. The business is so lucrative and easy I,m sure you could do it! At least I,m sure your big mouth could handle it!!Oh ' also sure its all republicans in the oil bus. not one Dem.
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When Iraq became an oil-rich country, the oil companies were allowed 49 percent of the oil and the country of Iraq was in possession of 51 percent of the oil. Back when civilized humans actually existed, that's how it once was when humanity treated each other like they deserved to be alive. Now-a-days, it's a dog-eat-dog existence.
In North Dakota, it is 40 percent less in extraction taxes than compared to what Iraq was gaining. North Dakota is being taken to the cleaners.
The plundering of North Dakota's oil is on-going and the citizens of North Dakota are being totally hosed by the State of North Dakota and the oil companies.
You don't have to submit it to Ripley's Believe It or Not, it's the truth.
Greed is the word. May the bird of paradise fly up your nose.
disgusted Mar-19-13 3:32 PM
Reasonable post as usual.
Unlike you animal,I can read,Profits are up for oil companies,I mean a lot.So much for ignorant comment.If they were making money at 40 dollars a barrel,You do the math.dumb@@@
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The extraction tax is on all oil produced from privately owned minerals and state owned minerals. The state has a mineral interest in over 2000 wells in ND, that money is separate and different from extraction tax money. You have to realize the state is the largest mineral owner in the state and by far has the most mineral acres developed and in production. Of course the Oil companies holding the leases get the most.
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mULESKINNER; Your idea of state owned oil wells is just wonderful!You think gas is high now? Can you say state highway dept.? 5 guys to do what 1 guy can do in private const. company!
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Leftwing; you should take economics 101, and also find out what is actually involved in running a business in todays economy,instead of living off of everybody elses work!! Yes oil cos. make big money,but they also have big investments, pay big wages,give big money to charities and are nearly solely responsible for life as we know it today. Try living one day without any oil resource smart***!!!
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muleskinner, two wrongs don't make a right. The government should not be in competition with the private sector on any level in any endeavor. How much do you want in the legacy fund? How much do you believe should stay there? Maybe what we should do is transfer a portion of everyone's property tax into a legacy fund for distribution in 10 years.
'All your oil to us belong' says the oil companies. Well, not yet anyway.
The extraction tax is a tax to make sure that the oil isn't just grabbed by any and all oil companies and making out like bandits. The tax is there so there is some payback for the oil that is being pumped.
North Dakota now supplies 10 percent of all domestic production.
It is at the point where the State of North Dakota can develop its own lands, pay for the drilling costs, retain 100 percent of the oil and sell it to a marketer. The state will become even richer.
It could easily drill 10 wells of its own at a cost of 120 million dollars. 1000 bpd/well would be 10,000 bpd which would be an additional $800,000 per day. Eventually, North Dakota could be the number one oil entity in North Dakota.
North Dakota could set up its own state oil company similar in nature to the North Dakota Mill and Elevator and the Bank of North Dakota.
It would be a profitable state-owned corporation.
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Whoa! I'm with leftwing again!
Are the clouds parting or something?
Figures from North Dakota tax department.The 595 million tax break was based on wells producing 50 barrels a day.Aswe all know we have wells that produce over 1,000 barrels a day,So we are actually talking well over a billion dolar tax break for oil.The least we could do is use that one billion plus to build the infrastructure in western North Dakota and not give it to oklahoma and texas.
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Can you imagine the offers our legislators are getting from the oil people to lower the tax. This is the kind of talk that lines people pockets.
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ND has given much to the oil companies already, not money, but other things.
I agree with not lowering the taxes. And I also say property tax relief for NoDaks.
Surprise, leftwing! I'm with you on this, but I'll keep it on the QT from now on. Sshhh...
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A typical rightwing answer, give the corporation all the money they dont need.Instead of helping the people of North Dakota.What a load of dog crap,Saying it will help in the long run.Where did you get that info from?The oil company.You make me laugh,What a sucker.
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301 4th St SE , Minot, ND 58703 |