Ohio Oil and Gas Association Statement:
2020 Tax Policy Study Commission Severance Tax Recommendations
From Shawn Bennett, executive vice president of the Ohio Oil and Gas Association:
We support the Oil and Gas Severance Tax Workgroup’s recognition of the fact that our industry is in the middle of its most severe downturn in the last 30 years and that increasing the severance tax now would exacerbate an already dire situation.
OPEC continues to manipulate the market in an effort to stifle the industry’s ability to continue investing in development, and we face an increasingly unpredictable and costly regulatory system at the federal level. Increasing regulations or taxes at this time would have a significant negative impact on the workers, landowners, businesses and industries throughout the state related to oil and gas development.
We commend the Workgroup for taking these variables into consideration, and ensuring we can preserve the oil and gas jobs remaining in the state, and continue to provide low cost energy for each and every Ohioan.