Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Shale-rich Oklahoma fails to pass budget measure
by Daniel J. Graeber
Washington (UPI) Nov 9, 2017


The worst-case scenario for shale-rich Oklahoma is now a reality after state leaders in the House failed to advance a budget plan, the governor said.

Gov. Mary Fallin said late Wednesday she was "extremely disappointed" that House leaders couldn't clear the three-fourths passage necessary to advance a budget measure to the Senate.

"As a result of their no votes, our state will not have enough funds for agencies to deliver services that work for people, especially with our state facing a $400 million shortfall next session," she said in a statement.

The measure would have raised taxes on gross production from new oil and gas wells, cigarettes, motor fuels and low-proof alcoholic beverages. Fallin said that, by not passing the bill on, it killed a last-ditch effort to address a $215 million shortfall in the current budget.

State Sen. John Sparks, a Democrat, said the House showed obvious support for using cash-on-hand to plug the budget cap, something he said lead to a downgrade in the state's credit rating.

According to state public radio KOSU, employees working for energy companies in the state lobbied against the budget plan, pointing to weakness in the energy sector brought on by historically low crude oil prices. The station quoted Rep. Eric Proctor, a Democrat representing Tulsa, as saying the bill wasn't focused on drawing revenue out of the oil companies.

"We're not in this mess because cigarettes are too cheap," he was quoted as saying.

Oklahoma is home to about 4 percent of the total petroleum reserves in the country and accounts for as much as 5 percent of the total crude oil production. The bill would've doubled the tax rate on oil and gas production at new wells.

Taxes on oil and gas production generated $52 million in October, a jump of 48.4 percent from last year. Compared with September, however, tax collections from oil and gas grew just 3.7 percent. About 65 percent of the new revenue came from a 1.25 percent state sales tax on motor vehicles, while a $5 vehicle registration added $1.9 million.

The state sits on the Anadarko shale reservoir. The U.S. Energy Information Administration predicts oil production there will increase about 2 percent and gas production by about 0.6 percent from October. Drilling services company Baker Hughes last week reported exploration and production activity is slowing down.

OIL AND GAS
First coast-to-coast land motion map of Scotland derived from satellite radar images
Nottingham UK (SPX) Nov 08, 2017
The first country-wide map of relative land motion has been created by a team at the University of Nottingham. Using hundreds of satellite radar images the team, working with Geomatic Ventures Limited (GVL), an innovative University spin-out company, created a complete map of mainland Scotland. The map covers a two-year period from 2015 to 2017 and was created using Intermittent Small Base ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Study identifies additional hurdle to widespread planting of bioenergy crops

Penn researchers mimic giant clams to enhance the production of biofuel

Research aims to help renewable jet fuel take flight

Expanding Brazilian sugarcane could dent global CO2 emissions

OIL AND GAS
OMCO Solar expands to met demand for field-fast racking systems

Mechanochemistry paves the way to higher quality perovskite photovoltaics

US renewable energy booms despite Trump vow to quit Paris deal

Solar greenhouses generate electricity and grow healthy crops

OIL AND GAS
New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

A kite that might fly

Scotland outreach to Canada yields wind energy investment

OIL AND GAS
Bulgaria extends life of Soviet-era nuclear reactor

France backtracks on nuclear power reduction target

Nuclear energy programs may not increase likelihood of proliferation

Rutgers-led research could revolutionize nuclear waste reprocessing and save money

OIL AND GAS
2017 set to be hottest non-El Nino year: UN

Plea for 'urgent action' on climate shadowed by Trump

White House OKs report warning climate change caused by humans

UN climate talks resume with wary eyes on Trump

OIL AND GAS
UK car sales skid in October: industry body

Sandia improving fuel economy, reducing emissions using optical diagnostics

Introducing autonomous vehicles sooner could save hundreds of thousands of lives

Waymo cars hit the the road without drivers

OIL AND GAS
Traditional carpet weaving in central Iraq unravels

Twin Iraq and Syria assaults as IS loses last city

Iraq to hold parliamentary election in May: PM

IS executed 741 civilians during Mosul battle: UN

OIL AND GAS
Trump aborts surprise visit to DMZ due to bad weather

Trump promises to 'figure it out' with S. Korea's Moon

US sends supersonic bombers over South Korea

Trump: 'No dictator' should underestimate US resolve




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement