Quote Originally Posted by Bison bison View Post
It is far from insignificant.

It dropped the tax 1.5%.

A million barrels a day at $40 is $220 million per year in tax revenue lost.
The tax that got changed also previously allowed the oil companies to not pay ANY taxes if the price of oil dipped below $50 or whatever it was. So if that had hit we'd been with no taxes the last 2 years... can't forget about that nugget. We'd be in a lot worse shape right now. Obviously that came as a sacrifice to time period of whenever it gets back above $90-100/barrel again. Or I guess even now $65-75 that makes it very profitable for them again.

I'm like fanatic I didn't like that it had to go down or how it was implemented but oil companies weren't going to give that no taxes trigger up unless they got something in return unfortunately imo.