OGJ Newsletter

General Interest - Quick TakesCalifornia votes down state oil production taxCalifornia voters rejected a state ballot measure that would have taxed state oil production at varying rates depending on the price of crude, and tax revenues would have financed the development of alternative energy (OGJ, Nov. 6, 2006, p. 76).With 90% of the votes counted, returns indicated Proposition 87 was defeated 55% to 45%, officials said Nov. 7.Oil companies, particularly Chevron Corp., opposed Proposition 87. If Proposition 87 had passed, the California government would have collected an estimated $200-380 million/year in new tax revenue, but opponents said it would have caused a reduction in state oil p...

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