ion that he had sought mainly to deal with the issue,discount toms shoes. He blamed the bipartisan-controlled Senate, which he said appeared incapable of passing "comprehensive oil tax reform." After sometimes combative hearings,toms outlet, especially in the Senate, lawmakers in both chambers said the administration hadn't made their case. To many, it remained unclear, for example, how many barrels of new oil the state would see produced under Parnell's plan, or when Alaska might break even on any tax breaks it gives. While the bill was aimed at boosting oil production over time, the near-term impact on the state's economy also came into play. While Alaskans have enjoyed a healthy state budget in recent years, due in part to the high price of oil, Parnell's budget director said the state could find itself in a deficit as early as next fiscal year under his plan, and would need to dig into its reserves to maintain a certain level of spending. A legislative consultant said Parnell's approach would wind up giving oil companies "quite a lot" of money for projects that are profitable to do today. Anchorage Republican Sen. Lesil McGuire said she agrees philosophically with Parnell on the need to make Alaska a more competitive place for industry investment, but in a hearing called his plan "half-baked" and predicted the special session would end in a "train wreck." In an interview, Parnell said he still believes strongly in the need for tax changes but decided to pull oil taxes from the special session call "to give folks a breather and let calmer heads prevail across some more time and make the case again down the road." When asked how much time, he said he didn't know,cheap toms. "We need to change some minds or change some people, either way," he said. Nearly all legislative seats are up for election this year. Oil's relatively high price has helped to mask a decades-long decline in production. An average of 609,000 barrels a day has coursed through the trans-Alaska pipeline this year. At the peak, in the late-1980s, 2.1 million barrels a day flowed through the 800-mile line. It likely would take billions of dollars in additional investment a year by oil companies just to begin to stem the decline curve, and officials from the North Slope's three major players say Alaska's current tax structure discourages new investment. The system, a legacy of former Gov. Sarah Palin, features a 25 percent base tax rate and a progressive rate triggered when a company's production tax value hits $30 a barrel. The idea behind it was that the state would help oil companies on the front end with things such as tax credits and share profits on the back end when oil flowed and prices were high. But companies say the surcharge eats too deeply into profits. Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ. An insider's guide to politics and policy, available on the iPad or as a PDF download.
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