1. It can provide a fair return to Alaskans who own the oil that multi-national companies are now pumping to fatten their bottom line. An appropriate PPT can fulfill our constitutional mandate to manage our resources "for the maximum benefit" of Alaskans. Every oil tax expert we've heard from, with the exception of those working for oil companies, has diagnosed our existing tax formula as letting oil wealth slip through the fingers of Alaskans.
2. PPT also may strengthen our financial future by leading to a gas pipeline that moves our gas resources to domestic markets crying for energy.

     Those are the two promises of any new PPT prescription. But, as with all political prescriptions, there are potential side effects. Exhibit 'A' is last year's PERS/TRS legislative prescription gone awry--that Rx shifted retirement risk to employees from employers but did not cure the unfunded liability and weakens the ability to recruit and retain superior public employees.
     So, as we try to get the PPT dosage right in the final few weeks of this session, we need to look at a few of the potential consequences of swallowing the PPT. Some are more dangerous than others but all are potentially harmful.
     Headaches. The PPT affects different patients in different ways so may cause future development headaches. Oil and gas explorers need more credits in the prescriptive formulae while operators of legacy fields are more anxious about a heavy-handed tax in the government 'take' formulae. An inappropriate balance of these active ingredients can create a migraine for the resource owner or resource exploiter. Changes of dosage and PPT ingredients may be necessary over time to avoid headaches. (See also sap strength, below.)
     Judicial Indigestion. When the tax is based on net profits, there is an absolute requirement we understand each and every potential cost deduction from gross profits to get to net profits. PPT credit definitions also must be explicit. Let's face it, net profit formulae and credits are playgrounds for lawyers and indigestion caused by fuzzy language can't be cured with a plop, plop, fizz, fizz over-the-counter medicine. Being imprecise in the PPT guarantees protracted, complicated judicial appeals where judges in black robes make final decisions based on intricate legal precedents rather than citizen legislators trying to weigh the public interest.
     Sap Strength. Prescriptions are for a discreet period of time and those who issue prescriptions, if they take their profession seriously, closely monitor the health of the patient. Dr. Murkowski suggests prescribing PPT for a 30-year period to ensure tax stability in hopes of solving Alaska's gas problem. That long a prescription period can weaken Alaska over the years. We've had the oil pipeline for 30 years and have changed the oil tax prescription dramatically two times and we're on the verge of changing it a third time. And hardly a year goes by when we don't tweak some element of the dosage. Locking in for 30 years is medically dangerous.
     Marital dysfunction. If the PPT is too high, one partner in the relationship is discomfited and if it's too low the other partner gets upset. PPT dosage is crucial. Independent marriage therapists tell us that neither party is treated unfairly at a 25 percent dosage.
     Grain of Salt Complications. The existing ELF oil tax prescription that will be replaced by the PPT does provide a high level of comfort for multi-national oil companies but is harmful to the state. A new PPT creates angst for oil companies but, given world oil markets, the world's oil tax prescription experts say complaints from the multi-nationals can be taken safely with a grain of salt.
     Restless Leg Syndrome. A rare side effect could be restless leg syndrome. Oil and gas multi-nationals could step out to other nations and walk away from Alaska. This symptom is very unlikely say PPT experts and only can occur at much higher levels than dosages now being considered by the legislature.
     The potential upside of a good PPT Rx is undeniable--a fair share of oil wealth for Alaska and creating conditions needed for an Alaska gas pipeline. All we have to do is ignore the advice of medical practitioners, paid for by the multi-nationals, who espouse a prescription that may trace its roots to the curative power of leeches.