oil severance tax



California is the Only Top Ten Producing State Without a Tax
Texas Taxes = $14.33/barrel; California only gets $4.22/barrel

May 17,2010 (Sacramento) – Last week, as Governor Arnold Schwarzenegger released an updated California Budget with massive cuts in services, Assemblymember Pedro Nava (D-Santa Barbara) called on the Governor to support his  Assembly Bill 1604, the Oil Industry Fair Share Act. The bill would create an 10 percent oil severance tax on each barrel of oil produced in California and generate over $1.5 billion in revenues to fund public safety, education, human services, and other vital programs.

“At a time when classrooms are becoming more crowded, when more and more people are losing their health insurance due to unemployment, and numerous programs affecting seniors, and the disabled are facing increased cuts, we cannot allow the oil industry to get a free ride in California,” said Nava, who is also a candidate for Attorney General. “These resources belong to the people of California and therefore should be used for the benefit of all our hardworking families.”

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