Proposition 87 to Fund Alternative Energy Research
Wednesday, October 18, 2006
Prop. 87 would impose a tax on oil pumped from the ground in California. Our state produces 12 percent of the nation’s oil, making it the third biggest oil state behind Texas and Alaska. The tax would range from 1.5 percent to six percent, depending on the prevailing price of crude oil.
California is rare among oil states for not currently having an extraction tax. The Prop. 87 oil tax would be eliminated after it produced 4 billion dollars in revenue. All of that tax revenue would go toward encouraging the production and use of alternative energy.
- Anita Mangels , spokesperson for Californians Against Higher Taxes.
- Shelley Luce, science director and spokesperson for Californians for Cleaner Energy.