US ELECTIONS: Alaska's proposed North Slope oil, gas tax losing in early returns

A proposed higher tax on Alaska's North Slope oil and gas production was losing in early election results Nov. 4, but the final outcome will not be known until advance ballots are counted next week.

Ballot Measure 1, known as the Fair Share Act, called for higher taxes on fields with at least 400,000 b/d of output in the previous year and reserves of at least 400 million barrels.

About 56% of voters rejected the measure with about 50% of polls reporting, according to The Associated Press.

Alaska election officials do not start counting absentee ballots until a week after Election Day.

BP, Conoco Phillips Alaska and ExxonMobil were part of the OneAlaska coalition urging voters to reject the measure, arguing it will increase taxes by at least 300% at $60/b oil prices and threaten oil development and jobs.

Vote Yes for Alaska's Fair Share, which spearheaded the initiative, said the increase would apply only to Alaska's largest and most profitable fields – posing no threat to new development – and would give the state more money to pay for things like education, healthcare and capital projects.