Group Still Calling For Increase In Gas And Oil Tax, Despite Falling Prices
Natural gas prices closed at a 17-year low today. And low prices have raised reservations from lawmakers about the nature of Ohio's gas and oil industry. But one group is still calling for an increase in the state severance tax. Ohio Public Radio's Andy Chow reports.
A struggling market for natural gas has led top Republican and Democratic leaders to hold back on increasing the so-called fracking tax. But the liberal leaning think tank, Policy Matters Ohio, says data shows that companies pumped more natural gas from the state’s shale last year than the year before. The group’s Wendy Patton says the state needs to act.
“Every year that we wait and we don’t impose an adequate severance tax on growing production we lose an opportunity to invest in our own state.”
Republican Senate President Keith Faber has suggested drawing up an increased tax plan now and put it into effect once the market rebounds.