Senator Wielochowksi is certainly smart, but he is a politician that tries to score political points. Here are the facts:

The exploration credit expired in July 2016.  So covering 75% of exploration costs is no longer an issue.

Covering 65% percent of development cost ONLY applies to Cook Inlet, which is a very different tax regime than SB 21 (which ONLY applies to the North Slope). Fortunately, HB 247 reduced Cook Inlet credits for 2017 and then completely eliminates them in 2018. 

Thus, the 65% of Cook Inlet development credits (which I agree are too generous) has been addressed.  Interestingly, Bill W. and Les and all of the others that bemoan the Cook Inlet credits actually voted for them under the Cook Inlet recovery act.  But they never mention that fact for some reason.