Senator Stedman is a smart legislator and the majority needed to listen to him. Regrettably they did not and as a result, the state of Alaska is in the fiscal emergency room needing major attention and repair. I am taking an excerpt from a writer below who seems to be right on the money on a change to our oil and gas tax system:

"Did you know our ever brilliant legislators changed the way AK is paid oil taxes from GROSS to NET profit?! And worse case scenario was $40/barrel?! 
One economist teaching the class speculated if the oil taxes were still paid on gross, we'd have $4b in oil tax revenue (based on actual barrel market prices) in the bank. 

As Robin Brena has recommended, I say we restructure back to GROSS and have a fair tax structure sans legislator favors!

Even this change will be an uphill battle with the senate majority. The house may go along as well as the governor if they coalesce behind this fix.

The next battle will be revising our oil and gas leases to benefit AK.