California drops offshore oil plan from emergency budget

08/03/2009
California’s state assembly on July 24 passed an emergency budget package but deleted a bill that would have potentially authorized the first new oil and gas activity off the Santa Barbara coast in 40 years.The assembly, by a 30-42 vote, cut the bill championed by Gov. Arnold Schwarzenegger after the senate approved the full package by a 21-18 vote. Schwarzenegger and minority and majority leaders of the senate and assembly included it when they reached a tentative emergency budget agreement on July 20 for the legislature to consider.It potentially would have provided $100 million initially and up to $2.3 billion of royalty payments from the 13-year lifespan of Plains Exploration &a...
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