Democrats Respond To Oil Extraction Cuts - KXNet - Bismarck/Minot/Williston/Dickinson

North Dakota democrats criticize a republican plan to cut oil extraction taxes.

Democratic lawmakers say the timing of this idea is all wrong.

Representative Corey Mock says there are still too many needs in oil country to reduce the extraction tax.

A portion of that tax goes back to local areas impacted by oil development.

North Dakota has one of the highest oil production and extraction tax in the nation.

Industry leaders have urged lawmakers to lower the tax in order for the state to stay competitive in oil development.

Mock refutes that.

<<(Rep. Corey Mock / (D) Grand Forks) "The fact of the matter is in the last six years under our current tax structure North Dakota went from being the 9th largest oil producing state to the second top producer. Again, all under this tax structure. So to say that our tax structure is unfriendly to oil development is untrue. We got to make sure the resources we are getting from our oil and natural gas are being put to work for the people of our state.">>

Democrats say Senate Bill 2336 will mean a loss of $600 million in the first five years.