FROM THE WAY-BACK MACHINE
“We were told by the Governor [Parnell] and his consultants that the last year’s Oil Wealth Giveaway would increase production within a matter of years … Today’s announcement by the Administration confirms that this approach is an utter failure, a flop of epic proportions.”
– Sen. Bill Wielechowski on April 7, 2014, in a press release criticizing SB 21, his legislative colleagues who voted for it, and the governor who signed it. SB 21 had passed one year earlier and had yet to face a Democrat-led referendum to repeal it on the August 2014 primary ballot. Oil production in 2014 totalled 530,000 barrels per day, and today it has edged up to 533,000 barrels per day.
According to DNR, production was declining at six percent per year at that time – even though the price/bbl was considerably higher. By my calculation, if that trend was left unchecked,we’d be down to about 440k bpd for last year.
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