Ponca City, OK

Now: 53 °F

Currently: Cloudy

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Sunday

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Wednesday

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Thursday

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Oil, gas producers ask for increase in gross production tax

The Associated Press - April 4, 2017 2:36 pm

OKLAHOMA CITY  (AP)  — A group of small oil and natural gas producers in Oklahoma have formed an alliance and are asking the Legislature to increase the gross production tax back to 7 percent, saying the industry is committed to helping solve the state’s budget crisis.

The Oklahoma Energy Producers Alliance announced Monday it plans to ask lawmakers to get rid of a generous tax cut on oil and natural gas production that was approved by the Legislature in 2014. That bill dropped the tax rate from 7 percent to 2 percent for the first few years of production, when oil and gas wells are most profitable.

Among those advocating for the increase is Republican oilman Dewey Bartlett, Jr., the former mayor of Tulsa and the owner of Keener Oil and Gas.

 

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