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Oil industry profits revive tax cut debate

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Alaska’s biggest oil companies are reporting strong profits from the North Slope this year, but Gov. Sean Parnell is still saying oil taxes need to be lowered because oil production is declining.

“There is an undeniable fact: oil production is down — sharply. We can’t afford to do nothing,” said Sharon Leighow, Parnell’s spokeswoman.

Rep. Les Gara, D-Anchorage, called Parnell’s proposal to reduce state oil taxes an “unwarranted giveaway.”

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