Alaska Considering Cuts in Petrol Welfare and Reintroducing Income Tax as World Oil Prices Collapse


Vancouver Harbour is my favourite lake!
No matter which direction the price of oil moves in, the Radical Intellectual will always see it as a sign that the old order is collapsing.
In a state full of kooks and cranks that might make our own rural know-nothings blush, I find that even the discussion of a discussion about an income tax in Alaska fully blows my f***ing mind.

Like - literally - small bits of my brain are scattered on my XtraTuffs.

Yeah, I said literally
Good Afternoon Charles,
Personally, I found the idea of 'petrol socialism' clever and charming. Alaska state citizens enjoyed the surplus wealth from a natural resource, refined petroleum. The state shared its revenue. How cool is that? I have a few Alaskan friends who fondly recalled the checks. I believe the province of Alberta in Canada has a similar entitlement. It too, is rich in petroleum. Hence Edmonton (Alberta) Oilers, the NHL franchise. Bully for them.

But, yeah the party is over. Indeed, world oil prices have plummeted. I just read about the possibility of a state income tax in Alaska. Well, so be it. The state has a huge deficit. It could be modest but at times, at state income tax is needed.
But good time to be in the new car biz!
Either the State goes into debt, or people go into debt. Pick one.
Chuck has always believed in the theory of peak oil. What happened to that?
I just placed my order for two Hummers welded together, an H2 SUV-ipede. Will only get ~3mpg but I'm confident oil prices will never, ever rise again so it's a sound investment and so safe! (For me and mine of course; try not to get in an accident with me, you'll definitely die.)
I once knew a guy who drove a Cadillac that got about 10 MPG. He was an environmentalist who knocked himself out to protect and restore wetlands and streams in the small city where he lived. When I asked him what was up with his guzzler he said he wanted to help use up all the FFs as fast as possible so the planet could move on to renewables.
Lark, sometimes you kick ass. You are on the right, but you are honest.
Good Evening Charles,
Thank you. I wish you and yours a Happy New Year.
Roland Reagan was a great guy.
And a plane...
why not just increase the sales tax to 10%, have the highest liquor taxes in the nation, raise property taxes every year, and pump up the B&O tax? anything but a GRADUATED INCOME TAX! my stars and garters!

Ha. The glut is temporary. Enjoy it now (or not, if you are afflicted with the Resource Curse, like AK). I think Oil Socialism lives on in Norway.

This is because the Glorious New Capitalist Frontier in ChIndia is winding down. All commodities are collapsing (ask the BRIC nations).

Whether or not cars are over - and cheap oil could help kill off Tesla just as easily as Shale production - batteries haven't yet advanced in a way that eliminates oil. Metal Halide batteries are good...but the tech is kind of stuck, and only enjoying incremental improvements. We will still need oil...nevermind that cheap gas will encourage people to drive.

Eventually China will start to grow again (albeit more modestly), but the demand for oil will remain, and eventually the increased scarcity and the rise in price will bring back AK production (and Shell in the Arctic), and the resource curse will live on.
"Sell all you can in the here and now. "

It isn't exactly new either, unless you think elites are stupid and haven't noticed that environmental limits are real. The global economy was also going nowhere on $100 barrel oil.
I'm sure glad I'm retired, don't have to drive much, no commuting or carpooling anymore. I take a road trip when I feel like it and avoid traffic.