Oklahoma Senate in Favor of Oil and Gas Tax Hike
OKLAHOMA CITY (AP) — The Republican-controlled Oklahoma Senate indicated it would be willing to double the current production tax on oil and gas wells as a way to break a stalemate to fix a $215 million budget hole.
Senators approved a resolution Thursday urging their colleagues in the House to push through a package of tax hikes that includes a 4 percent tax rate on all new oil and gas wells. The current rate is 2 percent.
The Senate adopted the resolution on a voice vote, suggesting they will have enough votes to increase the gross production tax.
House Republicans put forth a series of tax hikes in a bill Wednesday that fell short of the three-fourth’s majority needed for approval. Democrats refused to back it without a production tax increase.
Related News
Related News
- Williams' $1 Billion Gas Pipeline Blocked by U.S. Appeals Court, Derailing Five-State Project
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- Williams Begins Louisiana Pipeline Construction Despite Ongoing Legal Dispute with Energy Transfer
- U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Exxon Mobil to Start Gas Reserve Seismic Surveys in Greece
- LaPorte, Texas, Issues Shelter in Place After Altivia Plant Leaks Toxic Gas
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Comments