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Want California revenues revenues go down? Want to lose more California jobs? Want to have have higher energy costs?
Democrats have figured out how to complete this trifecta of disaster. All they have to do is create an "oil severance tax".
"A significant portion, about 30 percent, of California's oil is produced by independent companies, many with low-production wells that do not make large profits. Even a relatively modest severance tax could eat up most or all of the profit, especially when oil prices drop as they did after reaching record highs.
Also, much of California's oil is expensive to find and produce. A recent study cited by oil industry opponents of a severance tax says the version offered by Gov. Arnold Schwarzenegger last January would cut
the state's annual oil production by about one-fourth, costing 9,000 jobs."
As the Church Lady on Saturday Night Live would say, "Isn't that special?" What a great way to continue the California suicide.
More...
Democrats have figured out how to complete this trifecta of disaster. All they have to do is create an "oil severance tax".
"A significant portion, about 30 percent, of California's oil is produced by independent companies, many with low-production wells that do not make large profits. Even a relatively modest severance tax could eat up most or all of the profit, especially when oil prices drop as they did after reaching record highs.
Also, much of California's oil is expensive to find and produce. A recent study cited by oil industry opponents of a severance tax says the version offered by Gov. Arnold Schwarzenegger last January would cut
the state's annual oil production by about one-fourth, costing 9,000 jobs."
As the Church Lady on Saturday Night Live would say, "Isn't that special?" What a great way to continue the California suicide.
More...