John - this isn't an SB 21 problem. Anytime you have a net profit tax (which we sort of have), you lose on the downside, but gain on the upside. There are tradeoffs.  And the tradeoff under ACES was even more pronounced. We would be killed at these prices if ACES was still on the books. SB 21 isn't as bad at low prices as ACES but isn't as good at high prices. Again trade-offs.  The real issue is which system is attracting investment, new companies, and ultimately more production. 

Anyway, if we had a gross system in place from 2007 to today we wouldn't have any money in the CBR. It just doesn't generate much at high prices. And it does nothing to incentivize investment.  You can thank the net profit system and high oil prices for the billions in savings.