California oil tax would fund energy spending

11/06/2006
“Senseless” half describes a ballot initiative on which Californians will vote in November calling for a tax on oil to pay for state-sponsored energy.The aim of the Clean Alternative Energy Act is to accumulate $4 billion for 10 years of spending on programs to replace oil.The money would come from a tax on oil production, the rate of which would vary with the price of crude. At $10-25/bbl, the rate would be 1.5% of the gross value of oil. The top rate, 6%, would apply when the crude price exceeded $60/bbl.Proponents of the initiative, known as Proposition 87, include former President Bill Clinton, former Vice-President Al Gore, movie stars, and wealthy Hollywood executive Ste...
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