Representative
CHRIS TUCK

I’m Here for You

I want to hear from you,
share your thoughts, voice
your opinion. Together we
will make a difference.

Click here to visit my Website
 
Click here to write me an email

Call me anytime:
   (907) 465-2095
   Toll-Free (866) 465-2095

Visit me:
   May-December
   716 W. 4th St., Ste. 340
   Anchorage, AK 99501
   (907) 269-0242 fax

   January-April
   State Capitol Bldg. Rm. 404
   Juneau, AK 99801
   (907) 465-3810 fax

Contact Other Elected Officials:

Governor Parnell,
Anchorage Office:
907-269-7450
EMAIL: Gov. Sean Parnell
www.state.ak.us

Senator Lisa Murkowski,
Anchorage Office:
907-271-3735,
EMAIL: Sen. Lisa Murkowski

Senator Mark Begich,
Anchorage Office:
907-271-5915
EMAIL: Sen. Mark Begich

Congressman Don Young,
Anchorage Office:
907-271-5978
EMAIL: Rep. Don Young

February 7, 2014

Alaska’s Finances Fall into Ruin while Oil Companies Make Blockbuster Profits

Dear Neighbors,

The final session of the 28th Alaska Legislature is well underway.  As we wrestle with such issues as a constitutional amendment change to allow state funding of private schools, or whether Alaska should become an investment partner in a future gas pipeline, it is critical that we also stay focused on Alaska’s fiscal situation.

Our financial status has changed drastically from surplus to deficit in just a very short time.  The magnitude of the deficit is sobering, and annual deficits are projected to continue for the foreseeable future.

2014 office photo, from left to right: Mark Gnadt, Victoria Yancey, George Ascott, Rep. Chris Tuck,
Kendra Kloster, and Aurora Hauke.

Contrast this with yet another quarter of blockbuster profits reported by Conoco Phillips on its Alaska operations of $555 million in fourth quarter earnings and annual earnings of $2.17 billion—all earned under our previous revenue structure, Alaska’s Clear and Equitable Share (ACES), which has consistently yielded phenomenal profits for the oil industry.

The current situation can be attributed in part to the following:

• unsustainable growth in the state budget
• lower oil prices
• predictable decline in the largest oilfields on the North Slope 

However, the problem has been projected to greatly increase under the new revenue structure introduced by the Governor and passed by a majority of the legislature last year.

Under our old system, Alaska took a greater share of profits at very high oil prices and a smaller share when they were low.  This was known as “progressivity” and it allowed the state to rebuild its savings during goods times while guaranteeing profitability for the industry during lean times.

Under ACES:

• new development and exploration were on a sharp rise due to the extremely generous incentives
• more competition began on the North Slope
• hiring was at an all-time high
• Alaska paid off its multi-billion dollar debt to the constitutional budget reserve
• we deposited over $16 billion in the state savings account

Under SB21, the Governor’s own 10-year production forecast shows a decrease in production over today’s levels. That means we now have no means of rebuilding our savings through either high oil prices or through increased production.

That is why I joined over 45,000 Alaskans in signing a citizen’s initiative to allow a vote on repealing the oil tax giveaway.  Thanks to the actions of an outraged public, we will now have a chance on the August ballot to overturn the negligent and ill-conceived policies that have set Alaska on the path to financial ruin.

It is time to restore fairness and balance to our oil revenue structure and return to a system in which our partners in the oil industry can continue to make record profits, while we incentivize new competition, and we Alaskans get a fair return from our publicly-owned resource.

I’m here for you, so please keep in touch on matters important to you and your family!

Warm regards,

      Chris Tuck
      Alaska State Representative
      District 22 - Anchorage

Tuck’s Tips: 

February is Visit Our Schools Month

Community members, businesses and parents are invited to visit any ASD school during the month of February to learn more about our public schools. While schools welcome members of the public year-round, Visit Our Schools Month will provide parents and community members an opportunity to learn more about the many educational opportunities available to them.
 
Who: Everyone! You don't need to be a parent to visit our schools.
 
When: Tours are scheduled for 9:30 a.m. every Tuesday in February. All schools will also hold an evening tour at 6 p.m. on Tuesday, Feb. 25.
 
Where: All ASD schools. For more information go to: http://www.asdk12.org/visit/