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Bill Passes That Could Pump Life Back Into Jay
April 30, 2009
A bill has passed the Florida legislature that could pump life back into Jay and North Santa Rosa County.
On Wednesday, the Florida Senate passed a bill that will 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 Rep. Greg Evers, co-sponsor of the bill in the House, said it willput people back to work, royalty checks back into the hands of property owners and contractors back on the job.
Evers said the bill will “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.
In the 1970’s royalties up to $32,000 per month flowed into the Town of Jay’s band account. That amount fell to as little as $1,000 per month at one time. Last year, total oil and gas revenues for the Town of Jay were at $70,000.
The bill passed the Florida Senate on a 116-1 vote last Thursday and the Florida house on a 39-1 vote Wednesday morning.
Pictured above: Quantum Resources in Jay. NorthEscambia.com photo, click to enlarge.
Comments
4 Responses to “Bill Passes That Could Pump Life Back Into Jay”
MOST OF THE ROYALITY AND WORKING INTEREST GOES TO PEOPLE AND COMPANIES OUTSIDE OF FLORIDA. FOR EVERY DOLLAR OF FLORIDA OIL PUMPED OUT OF JAY FLORIDA WITHOUT TAXES, FLORIDA MAY KEEP A DIME. GO FIGURE! @ $140/BBL THE FIELD WAS PUMPIMG STRONG. tHERE IS PLENTY OF OIL STILL IN JAY IF YOU DON`T BELIEVE IT JUST WAIT UNTIL THE PRICE HITS $100.00/BBL AGAIN. THOSE GUYS IN ALABAMA AND LA LOVE IT.
I pulled the voting records from the House….the lone no vote was from Brad Drake who represents Holmes, Washington and parts of Jackson, Okaloosa and Walton counties.
The Senate has not posted their vote data on the bill yet. William.
Yeah? What’s with the one vote?
Who cast The lone negative vote from each house?????????????