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Bill To Provide Tax Credits To Get Jay Oil Flowing, Restore Jobs
March 11, 2009
Florida House and Senate committees have approved a bill proposal that would get the oil flowing again in the Jay Oil Field.
The bill, sponsored in the House by Rep. Greg Evers, would provide exemptions and tax breaks to the six active oil producing companies in Florida. One of those producers is Quantum Resources in Jay.
The state is expected to lose $5.2 million in revenue, but Evers said it would put people back to work, royalty checks back into the hands of property owners and contractors back on the job.
Evers said that if the bill is passed, it “would provide economic incentives, including temporary oil and gas production tax relief, for small field producers such as Quantum”.
“It is my hope that this small energy production investment incentive and tax relief package will help in creating and saving much-needed local Northwest Florida investment and jobs during these very challenging and difficult economic times,” Evers said.
About 70 people were left without a job when Quantum shutdown the Jay Oil Field.
Jay Field was purchased from Exxon and ConocoPhillips in 2007 for about $200 million. When oil prices soared earlier this year, company officials were quoted as being pleased with their return on the investment, even though they sold 75 percent of their rights in a bet against falling prices. The Jay Oil Field’s first crude flowed back in 1970 and was estimated to contain 100 million barrels, making it one of the largest discoveries in the history of U.S.
A similar bill has been introduced in the Florida Senate by Sen. Ken Pruitt.
Comments
5 Responses to “Bill To Provide Tax Credits To Get Jay Oil Flowing, Restore Jobs”
Do you think Chavez or any other foreign dictator will give us more of a break @ the pump?
nope it aint gone. it was just mismanaged. plus this company cant give u a break at the pumps. a profit can still be made at the current oil prices. but hey if the state will give them a break, then thats more profits, right. the other two plants in the area across the line laid off a bunch of folks too.
Why give them tax breaks to pump it? They certainly won’t give us any breaks at the pump!
No the Jay oil is not gone, Quantum had recently retapped several old wells and found new fresh oil!!
The jay oil is gone . This is a blatant waste of money.