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1/9/15 - Oil taxes aren't working, says Gov. Bill Walker

Gov. Bill Walker is taking issue with how the existing oil production tax works at low oil prices. The price of oil has dropped in recent months from more than a hundred dollars a barrel to fifty a barrel. Producers can also apply for tax credits meant to boost production. Last year the state took in five billion dollars in oil revenues, with half of that from oil production taxes. This year it will take in two billion dollars from other forms of oil revenues. 

Walker has no plans to introduce legislation or make regulatory changes to fix the oil tax regime, however. While campaigning, he was in favor of a ballot referendum to repeal the current tax law. When the referendum narrowly failed, he said he respected the outcome and would give the law more time on the books if he became Governor.

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People in Southwest Alaska have been celebrating Slaviiq for as long as anyone can remember. The 150-year-old tradition incorporates Yup'ik Alaska Native rituals, and is unique to the region. KYUK's Charles Enoch has more.