Appears to me that the House passing SB128, PFD restructuring, is more likely than the current Senate ever passing HB246, oil tax reform. The former without the latter is a tough pill to swallow, especially knowing that $700 M in dividend reductions would roughly equal the $700 M in oil tax cash subsidies.

It’s worth repeating Charles Wohlforth’s words from today’s column – 

“Meanwhile, they can negotiate to have Walker veto the oil tax credits down to a $30 million floor. There's a legal argument that the state can get out of ever paying the credits if the money is never appropriated.”