STATEMENT: Vote to make drilling tax break permanent folds to lobbying power, harms OK economy

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by May 22nd, 2014 Posted in ,

Oklahoma Policy Institute released the following statement in response to the Legislature voting to make permanent a multimillion dollar tax break for horizontal drilling:

This bill continues a huge, unnecessary subsidy for drilling that would have happened without the subsidy. It sides with a few well-connected oil executives and their lobbyists, whose views do not represent the majority of Oklahomans or even many members of the industry.

Instead of investing in Oklahoma while the energy boom lasts, this bad deal gives away our prosperity. Until the mentality changes at the Capitol to do something about unnecessary tax breaks and loopholes, we will continue to have self-inflicted budget crises. We will continue to reward a well-connected few in ways that damage the economy and keep wages low for regular Oklahomans.

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