Insight
Fiscal systems for oil in North America
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Report summary
From Alaska to Washington DC and from Alberta to Newfoundland, fiscal terms for oil are under review. Legislators are keen to maximise the state / province's share of revenue but don't want to deter investors. They want their terms to be 'fair' and 'competitive' but, as we explain, comparing fiscal systems in North America is a particularly complicated undertaking.
Table of contents
- Executive summary
- Recent trends in state and province revenue from oil production
- Fiscal responses and current debates
- Resource ownership in North America
- The main focus of debates: royalty and severance taxes
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Multiple and variable payments make comparisons difficult
- Lease acquisition payments
- Property taxes
- Fiscal incentives
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Establishing competitive fiscal terms: complicated but necessary
- Related Wood Mackenzie Insights
- Appendix 1: North American fiscal systems for oil
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Appendix 2: Recent trends in North American oil production
- United States
- Canada
- Appendix 3: Land ownership in the United States
Tables and charts
This report includes 15 images and tables including:
- Figure 1: Government dependence on oil and gas income
- Figure 2: Recent fiscal changes and reviews in North America
- Figure 3: Federal share of total state land and share of oil production (2013) on federal leases
- Figure 4: Impact of royalty / severance tax in a low price environment
- Figure 6: Marginal share of oil revenue (assuming maximum state royalty rates)
- Figure A1.1: Fiscal terms for oil in North America
- Fiscal systems for oil in North America: Table 1
- Fiscal systems for oil in North America: Table 2
- Fiscal systems for oil in North America: Table 3
- Fiscal systems for oil in North America: Image 12
- Figure 5: Conventional oil royalty rates in Alberta
- Figure A2.1 Distribution of 2014 US oil production by state
- Figure A2.2 Growth in US oil production by state (2009=100)
- Figure A2.3 Distribution of 2014 Canadian oil production by province
- Figure A2.4 Growth in Canadian oil production by province (2009=100)
What's included
This report contains:
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