Energy Industry Advocates Weigh In On Proposed GPT Increase
OKLAHOMA CITY - Oil and gas companies are weighing in on the proposed increase on the gross production tax (GPT) to fund a teacher pay raise.
On Tuesday, oil and gas workers from across the state were at the Capitol for a rally for the rigs and the event came hot on the heels of that historic vote.
Oil and gas voices carry a lot of weight in the state. About nearly a quarter of every tax dollar can be traced back to the oil and gas industry. The recent plan to pay teachers is already getting push back.
The Oklahoma Oil and Gas Association president said they have "zero confidence in lawmakers" adding in a statement, "We do not endorse a plan that will continue Oklahoma's over-reliance and unsustainable dependence on a single industry for financial stability; put Oklahoma families out of work; and add to the state's social services burden."
In a separate statement, the Oklahoma Independent Petroleum Association said it also opposes this new plan saying in part, "...an increase to 5 percent eliminates the economic advantage that has made Oklahoma one of the top places for oil and natural gas investment."
The plan to raise the gross production tax still has to make its way through the Senate and is expected to be heard later Wednesday.