Initiative levying tax on oil companies qualifies for the ballot

AP ^ | 6/21/6

[SmithL]

SACRAMENTO - California voters will decide this fall whether to tax oil companies to fund alternative energy programs.

Secretary of State Bruce McPherson announced Wednesday that the oil tax proposal had enough voter signatures to qualify for the November 2006 ballot.

The initiative joins 10 other proposals that previously made the ballot, although a bill moving through the Legislature would move one measure, a $9.95 billion high-speed rail bond, to the November 2008 ballot.

The oil tax initiative calls for the state to levy a 1.5 percent to 6 percent tax - depending on oil prices - on all oil extracted in California.

If approved, the measure would create a $4 billion program aimed at reducing oil and gasoline use by 25 percent. It would fund research and production incentives for alternative energy, alternative energy vehicles, energy efficient technologies, and education and training.

McPherson said the initiative received 1,143,365 signatures. It needed at least 598,105.

The other propositions on the ballot include bond measures to pay for transportation improvements, flood control programs, affordable housing, school construction, and water quality and park programs. There also are measures to increase penalties for, and monitoring of, sex offenders, require parents to be notified before their child has an abortion and raise the cigarette tax.

The deadline for initiatives to qualify for the November ballot is June 29.

[SmithL]

The price of gas is going up.

[Doc Hunter]

This is the kind of thinking that has gotten us where we are today.

[Dog Gone]

Excellent! Provide a disincentive for finding oil in California.

What brilliant thinking.

[somniferum]

I guess CA is going to create a multi-billion dollar research boondoggle everytime there is an election.

[Myrddin]

I'll bet the oil companies could cut the usage of oil and gas in California by 25% tomorrow. Just shutdown 25% of the capacity. Adjust prices accordingly as supplies dwindle and lines start forming at gas stations that have something to sell. The oil pumped in California can be trucked to refineries in other states that don't feel the need to do a screwjob on the oil companies.

[ncountylee]

There is of ocean of oil offshore and these fools simply are buying the Greenista's false arguments against drilling.

[socialismisinsidious]

If approved, the measure would create a $4 billion program aimed at reducing oil and gasoline use by 25 percent.

Sure it will, yeah that's the ticket! /s
These idiots don't understand basic economics and they don't know Quinn's first law:

Liberalism generates the exact opposite of its stated intent.

[Myrddin]

Correction. Just stop pumping 25% of the oil in California. It will still be there when the politicians are finished being stupid.

[coconutt2000]

It would fund research and production incentives for alternative energy, alternative energy vehicles, energy efficient technologies, and education and training.

This is one of those falsehoods tax and spend liberals like to perpetuate. They tell us how they're going to spend the taxes they want to collect, but when the money finds its way in the general fund, it is impossible to stop them from spending it on any crisis that strikes their fancy.

[umgud]

These stupid idiots think the oil companies will simply pay this out of their windfall profits and not pass these costs on to consumers. Consumers=taxpayers in this case.

[coconutt2000]

California isn't well known for its excellent K-12 education...

Actually, I've noticed that economics isn't even a required course in most high schools.

[Argus]

A politican who robs Peter to pay Paul will always have Paul's vote.

[Dog Gone]

Even the windfall profits are a creation of the MSM. They scream about the billions of dollars of profits, ignoring the fact that these are megabillion dollar companies who could generate similar returns by putting money into CDs instead of risking it to find oil.

[umgud]

The only true windfall profits being made in CA is the sales tax on gasoline. The state didn't have to do anything for their take to double in the last year or so.

[pigdog]

Luv UR Home Page!!!

[jocko12]

Looks like another one to vote no on.

[Dog Gone]

Thanks.

[Amerigomag]

Corporations do not pay taxes. Consumers do.

Adding even more cost to a gallon of retail gasoline in California will not reduce its demand. It will simply shift the demand to those consumers who can afford it.

Given these facts the only effective leverage which oil companies have is to limit supply. Limiting supply will inconvenience all socioeconomic levels and pack the greatest legislative persuasion.

[goldstategop]

I can't believe California voters will vote to raise gas prices. But every one loves to hate Big Oil, so its possible. All we can do is hope rationality sets in by the time November rolls around.

(Denny Crane: "Every one should carry a gun strapped to their waist. We need more - not less guns.")