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BISMARCK, N.D. (AP) — North Dakota’s oil industry wants lawmakers to change the framework for taxing crude production that abolishes the price-based triggers that have been in place for decades. Unless oil prices suddenly decline, North Dakota’s treasury may start reaping the benefits of a tax increase on drillers that could bump state tax collections by billions of dollars.
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Demand for oil is surging, but rigs in North Dakota are lying idle as the U.S. tries to figure out the future of its energy supply.
North Dakota oil can be "the cleanest barrel of oil in the world," Petroleum Council President Ron Ness says, but points out that domestic policies, such as the Biden administration's moratorium on leases on federal lands as well as its insistence on running up the price of production by tacking on so-called "social costs," are making it harder to produce that barrel.
North Dakota oil can be "the cleanest barrel of oil in the world," Petroleum Council President Ron Ness says, but points out that domestic policies, such as the Biden administration's moratorium on leases on federal lands as well as its insistence on running up the price of production by tacking on so-called "social costs," are making it harder to produce that barrel.